EUR/USD
The force of attraction of the final support level of the weekly Ichimoku golden cross, as well as the influence of the closely located levels of the daily target on the cloud breakdown, triggered a slowdown and emergence of upward correction. If the pair leaves the correction zone and the decline continues, the value of the main targets will remain at 1.1821 - 1.1762 (target for the breakdown of the daily cloud + monthly short-term trend).
In turn, if the upward correction is confirmed and continues to develop, the pair can move back to the levels of 1.1975 (from which weekly Kijun + daily Tenkan will also decline soon) and 1.2039-64 (levels of the daily and weekly cross), which were overcame yesterday.
The correction is struggling in the central pivot level (1.1884) on the smaller time frames. We consider the weekly long-term trend (1.1947) as the next important upward target. Once this level breaks down and the price consolidates above it, the balance of power will change. However, the bulls are facing the resistance levels of 1.1975 - 1.2039-64 in the bigger time frames. Now, if the bears completed the correction and continue to decline, the downward targets of 1.1804 and 1.1772 (classic pivot levels S2 and S3) will be combined with the targets in the upper halves.
GBP/USD
The pound is currently retesting the levels, below which it managed to close the day before. Today, the accumulation of resistance can be noted in the area of 1.3904 (daily Tenkan + Kijun + weekly level), and above it is the resistance level of 1.3982 (daily Fibo Kijun). The support levels, in turn, are set at 1.3823-45 (weekly Tenkan + daily Fibo Kijun), while the low of the current correction is located at 1.3777.
The key levels in the smaller time frames are now combined in the range of 1.3870-82 (central pivot level + weekly long-term trend). If the pair sharply consolidates above it and breaks through the resistance of 1.3904, which strengthens these levels, then the bullish traders will take control and implement their future plans to recover their positions and mood in the market. Today, the intraday classic pivot levels form the upward pivot points: 1.3939-1.3993-1.4062. However, given that the bulls fail and the correction ends when updating the current low extreme (1.3777), the support of the classic pivot levels of 1.3747 (S2) and 1.3693 (S3) will become relevant again.
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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.
