GBP / USD
The pair continued its decline. Now, the main task for players on the decline is to try breaking the lower boundary of the weekly cloud (Senkou Span B 1.3025). A reliable overcoming will form a downward target on the breakdown of a weekly cloud. The key resistance is currently focused in the area of 1.3140 - 1.3240 (daytime cross + week Tenkan + monthly Fibo Kijun). The consolidation above this zone will significantly affect the balance of power, which can permanently cancel the bearish plans and will require a new assessment of the situation to clarify the bullish prospects.
At present, the lower boundary of the weekly cloud (1.3025) increase the target for the breakdown of the H4 cloud. The benchmarks were already achieved and as a result, we observe some barrier. A reliable consolidation below will allow considering new downward benchmarks. The nearest and intermediate resistance is currently located at 1.3050 (Tenkan N4 + Senkou Span A N1). Furthermore, it should be noted that the lower time frame supports the higher ones, the importance is given to the zone 1.3140 - 1.3240.
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