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EUR/USD
Bullish traders still exited the uncertainty zone last Friday. They managed to fix a high, seen above the bearish preconditions of the previous week. The resistance levels of 1.2105 (weekly Fibo Kijun) and 1.2150 (historical level) were broken through, and the high of April (1.2150) has been updated. A sharp consolidation and retention of the reached levels will allow us to consider new opportunities to rise. Now, the next upward pivot points can be identified as the maximum extremes of 1.2243 and 1.2349, after which attention will be directed towards developing the daily target for the breakdown of the Ichimoku cloud. The closest attraction, influence and support are currently provided by the overcame levels (1.2150 - 1.2105) and the daily short-term trend (1.2082).
In the smaller time frames, the pound sterling is now working in the zone of the downward correction. The area for the development of correction, which allows us to maintain and defend the bullish interests, is wide enough today. Its key support levels are located at 1.2130 (central pivot level) and 1.2054 (weekly long-term trend), with the nearest support at 1.2087 (S1). If the correction is completed and the upward trend is restored, the upward pivot points will be the resistances of the classic pivot levels 1.2206 - 1.2249 - 1.2325.
GBPUSD
The bulls successfully closed the previous week on a positive note. As a result, their optimism continues today. With the use of the formed potential, they updated the April high (1.4008) and rushed beyond the monthly cloud. In the near future, the role of some resistance and a developed target may be fulfilled by the target levels for the breakdown of the daily Ichimoku cloud (1.4090 - 1.4137), then the interests of the bulls will be focused on updating the nearest monthly extremum (1.4240) of the current movement. The previously broken levels (1.4008 and 1.3958) are now acting as the nearest support levels.
The upward trend is developing in the smaller time frames. The pair reaches new highs and is currently testing the resistance level of 1.4077 (R2). It can be followed by the next resistance of the classic pivot levels 1.4149 (R3), which may become an intraday pivot point. Today, we can note the key support levels located not far away, that is, in the area of 1.3958 (central pivot level) and 1.3916 (weekly long-term trend). The closest support may be provided by the recently broken resistance level of 1.4030 (R1).
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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.
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