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The pound, in anticipation of the parliamentary elections, dreams of winning over the bulls with their further strengthening and moving to new heights. On the other hand, extensive statistics on the eurozone will be published today. The key point of which will be the decision on the interest rate and the monetary policy report (12:45), as well as the ECB press conference (13:30). Today, the most significant data is the producer price index (13:30) among the indicators from the United States.
EUR / USD
Yesterday, the players on the upside were able to realize their advantage, which appeared on the eve. As a result of this, they tested an important resistance located at 1.1145 (weekly Kijun + monthly Tenkan) again. However, this pair has not previously allowed a reversal of trends. If the bulls will be more successful this time, then after breaking through the resistance encountered, the question will arise about the elimination of the weekly cross (1.1208 Fibo Kijun) and the rise to the monthly cloud (1.1254 Senkou Span A). Today, the support zone retains its significance and location. Its basis is a daily cloud (1.1080 - 1.1030), strengthened by a daily cross and weekly levels.
Yesterday, the players on the upside managed to stay above the key supports, thanks to which they were able to continue the upward movement. Currently, all analyzed technical instruments give preference to bulls. Moreover, upward signs and resistance inside the day are located at 1.1159 (R1) - 1.1190 (R2) - 1.1234 (R3) today. In turn, key support levels for the lower halves in the current situation are at 1.1115 (central Pivot level) - 1.1087 (weekly long-term trend). A decrease to these levels, and even more so, consolidating under them were achieved by the players on the upside.
GBP / USD
No full correction in the upper halves did not take place again. Instead, the upside players closed above the key resistance of this section 1.3167 (monthly medium-term trend) yesterday. Now, breaking through the level will open the way to the next resistance - a monthly cloud, the lower boundary of which is now located at 1.3350. A decline to the level of 1.3167 will form the prerequisites for the development of a downward correction again
Yesterday, on H1, players on the downside failed to reverse the weekly long-term trend. As a result, the benefits and potentials today are on the side of the players on the upside again. Meanwhile, the upward reference points within the day are the resistance of the classic Pivot levels 1.3235 - 1.3278 - 1.3343. Today, key support is concentrated in the area of 1.3157-70 (central Pivot level + weekly long-term trend). A secure anchorage below will swing the scales in the direction of players on the downside. As a result, the reversal of the moving average can be expected to strengthen bearish sentiment and the development of a full-fledged downward correction in the upper halves.
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)
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