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Yesterday, the bulls took advantage of some optimism by the May monthly candlestick and they managed to close the day above the highs of the last four weeks (1.0895), as well as above the resistance that was tested the previous day (1.0863-71-85). The resistance levels now serve as near-term supports. The next bullish target is in the area of 1.0934 (the final level of the weekly Ichimoku cross), the bulls will also focus on the breakthrough of the daily cloud (1.1028 - 1.1075).
On the lower timeframes, the pair's rise made it possible for the bulls to work on their first target on the breakthrough of the H4 cloud (1.0907), the price will certainly hit this target once it reaches the boundary of 1.0920. In case the pair rises further, resistance of classic Pivot levels (1.0929 - 1.0955 - 1.1005) will come into play intraday. In case sentiments change and priorities shift, the progress on the corrective decline will initially be directed towards testing the key levels of 1.0879 (central Pivot level) and 1.0847 (weekly long-term trend). Once the price breaches these targets, the bears, who have seized the advantage, may continue the downward movement through the support of the classic Pivot levels (1.0803 - 1.0777).
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Yesterday the pound managed to renew the highs of the previous week and month (May 1.2799). As a result, the bulls can now reach the most important targets of this section of the chart - the monthly Ichimoku cloud (1.2892 - 1.3007) and a breakdown of the daily Ichimoku cloud (1.2947 - 1.3019). Today, the main center in focus is the daily short-term trend (1.2746), as the pair has not yet broken away from the level. If the bears manage to regain the daily Tenkan, they will focus on the consolidation of the weekly and daily Fibo Kijun supports around 1.2665-74.
The bulls have the main advantage on the lower timeframes. They will direct their attention to the resistance of the classic Pivot levels (1.2841 - 1.2879 - 1.2953). The correction will bring the market back to the key levels of the lower timeframes, they are now located at 1.2767 (central Pivot level of the day) and 1.2742 (weekly long-term trend). In order to strengthen the bearish bias within the day, such targets like the supports of classic Pivot levels (1.2729 - 1.2655 - 1.2617) will be used.
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The technical analysis of the situation uses:
Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels
Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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