The situation has not changed significantly yesterday. The effectiveness and direction of the movement are still lacking. The historical level serves as the center of attraction and preservation of uncertainty is the historical level of 1.1602. The nearest resistances are the daily levels of 1.1621 (short-term trend) and 1.1640 (medium-term trend). The most significant resistance for the further development of the situation continues to remain at 1.1664 (historical level + the final level of the daily dead cross).
As for the bears, their pivot points will be 1.1558 (the lower limit of the weekly cloud) and then the combination of monthly support levels at 1.1516 - 1.1494.
The sideways movement and uncertainty continue to develop in the smaller timeframes. Here, the central pivot level (1.1604) is the center of gravity, and the weekly long-term trend (1.1618) serves as a limiter of the bulls. A reliable consolidation above and a reversal of the moving average can change the current balance of power in favor of strengthening bullish sentiment.
Today, the resistances of the classic pivot levels are set at 1.1624 - 1.1645 - 1,1665. At the moment, it is important for the bears to go beyond the current sideways movement. To do this, they need to consolidate below the low (1.1585). The following downward pivot points can be noted on 1.1583 - 1.1563 - 1.1542 (classic pivot levels).
The pound remains within the borders of the previous level of 1.3830 (monthly short-term trend + weekly medium-term trend) and 1.3731 (weekly Fibo Kijun). In this case, the center of attraction is the daily cloud (1.3777). If the pair manages to break through the support of 1.3731, then several levels are located at once, which can also provide support and slow down the decline. The nearest supports are 1.3695 (the upper limit of the weekly cloud) and 1.3661 (the weekly short-term trend).
Another stop and growth in the smaller timeframes led to testing the strength of the main levels again, which are located at 1.3744 (central pivot level) and 1.3769 (weekly long-term trend). In the event that a rebound occurs and the decline continues, the support of the classic pivot levels can serve as pivot points. We can consider them at 1.3707 - 1.3673 - 1.3636.
On the other hand, the continuation of the upward movement, breakdown, and reversal of the moving average (1.3769) will shift the interests to the bullish side. The upward pivot points are noted at 1.3815 (R2) and 1.3849 (R3).
Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of the trading instruments.
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