GBP / USD
The pair took advantage of today's upside gap at the opening of the market in order to reach out the most important resistance (1.3309-31). The result of interaction with 1.3309-31 (Weekly Tenkan + Weekly Senkou Span A + day Fibo Kijun) will help determine further plans. When forming a rebound from the levels encountered, the development of the situation will lead to an increase in bearish sentiment. But to restore the downtrend, players should attempt to go much lower and there are plenty supports located on this course (1.3260 - 1.3205 - 1.3144). Therefore, bears would likely limit themselves to reduction in the framework of the current correction. In case of consolidation above 1.3309-31, the main task for players on the rise will be an impulse to enter the daylight cloud. At the same time, it would reliably leave the weekly cloud which will difficult due to the subsequent configuration of the upper boundary of the weekly cloud.
At the ascent today, an upward target for the breakdown of the H4 cloud has also been worked out. The accumulation levels and targets in one zone confirms the significance of the breakdown of current resistances for the beginning of a new stage movement. The support today is well read at 1.3260 - 1.3205 - 1.3144. As of this writing. the key levels of higher and lower time frames are combined. If the development of the situation leads to the formation of a bearish decline, then these levels may be the boundaries of its completion.
Indicator parameters:
all time intervals 9 - 26 - 52
Color of indicator lines:
Tenkan (short-term trend) - red,
Kijun (medium-term trend) - green,
Fibo Kijun is a green dotted line,
Chinkou is gray,
clouds: Senkou Span B (SSB, long-term trend) - blue,
Senkou Span A (SSA) - pink.
Color of additional lines:
support and resistance MN - blue, W1 - green, D1 - red, H4 - pink, H1 - gray,
horizontal levels (not Ichimoku) - brown,
trend lines - purple.
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company - www.instaforex.com