The bears were able to close the previous week with a slight advantage, falling below the encountered monthly support level of 1.1290. The breakdown of the level and further decline will allow considering new downward targets. The first task of the bears will be to break down the downward target for the breakdown of the weekly cloud (1.0960 - 1.0806). The strengthened resistance zone retains its location at 1.1447-74-92 (monthly Ichimoku cloud + monthly medium-term trend + weekly short-term trend + daily medium-term trend) today. Towards it, traders will need to break through the resistance of daily levels, which combine their efforts around 1.1422-19 (Tenkan + Fibo Kijun).
At the time of analysis, the advantage in the smaller timeframes belongs to bearish traders. The pivot points for the intraday decline are the supports of the classic pivot levels (1.1230 - 1.1179 - 1.1107). Meanwhile, the key resistance zone combines the central pivot level and the weekly long-term trend in the area of 1.1302-38. The breakdown and consolidation above this zone will change the current balance of power in favor of the bulls. Their further benchmarks can be noted at 1.1353 - 1.1425 - 1.1476 today.
Last week, the pound was occupied most of the time by corrective recovery of positions. As a result, the previous week now has a character of more uncertainty than a clear advantage of one of the parties. The center of gravity and influence is still 1.3411 (historical level). The opportunities and prospects of the bears can be considered after a reliable breakdown of 1.3411 and the current minimum (1.3352). The nearest resistances can be noted at 1.3458 (daily Tenkan) and 1.3536 (daily Fibo Kijun). The main resistance zone of this section is now set at the borders of 1.3571 - 1.3601 (historical levels + weekly short-term trend + daily medium-term trend).
The bears in the smaller timeframes are trying to get hold of the situation. They fell below the key levels, which are joining forces at the 1.3453 line (central pivot level + weekly long-term trend) today. Subsequent strengthening of bearish mood and opportunities lies through the updated lows of 1.3406 and 1.3352. The support of the classic pivot levels (1.3397 - 1.3350 - 1.3294) can serve as additional intraday downward targets today.
In turn, a consolidation above the level of 1.3453 will change the current balance of power in the same periods, which will allow us to return to the plans and implement the upward correction in the higher timeframes. On the H1 chart, the classic pivot levels, which are located at 1.3500 - 1.3556 - 1.3603, can serve as resistance levels.
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.