EUR/USD and GBP/USD: Technical analysis for August 8
August 8, 2023 2:22 pm
EUR/USD
Higher timeframes
The situation over the past day has not undergone significant changes. The pair remains in the influence and attraction zone of 1.1031 – 1.0986, where several strong Ichimoku levels from different timeframes have combined their efforts. At present, the main reference points for a potential development of the situation are still located at the previously identified levels. For those looking to buy, the resistance levels of the daily Ichimoku death cross are around 1.1031 – 1.1055 – 1.1107, while for those selling, it’s essential to overcome supports at various timeframes: 1.0898 – 1.0866 – 1.0835 – 1.0805.
H4 – H1
Since yesterday, the bulls have held their position above the key levels of 1.0995-73 (central pivot point of the day + weekly long-term trend), maintaining their interaction with them. Thus, keeping the main advantage of the lower timeframes on their side. If the bullish players’ plans materialize, their intraday targets are 1.1025 – 1.1047 – 1.1077 (resistances of the classic pivot points). However, if fortune favors their opponents, the bearish players will act by overcoming the supports of the classic pivot points (1.0943 – 1.0921).
***
GBP/USD
Higher timeframes
The boundary, led by the weekly short-term trend (1.2812), continues to restrain the development of the situation. All other significant reference points today remain in their previously marked positions. The situation in its conclusions and expectations has not undergone significant changes. For those selling, a fortified support zone is blocking the way, formed by the daily cloud (1.2651 – 1.2577) and levels of higher timeframes (1.2597 – 1.2629). For those looking to buy, they need to overcome resistances of various levels of higher timeframes (1.2807 – 1.2893 – 1.2942).
H4 – H1
Bearish players are once again testing the strength of the weekly long-term trend (1.2739). A continuation of the decline within the day today is possible through overcoming the supports of classic pivot points (1.2684 – 1.2656). A recovery of positions by bullish players can be considered if they reclaim the central pivot point of the day (1.2760). Next, they will face resistances of the classic pivot points (1.2808 – 1.2836 – 1.2884).
EUR/USD
Higher timeframes
The situation over the past day has not undergone significant changes. The pair remains in the influence and attraction zone of 1.1031 – 1.0986, where several strong Ichimoku levels from different timeframes have combined their efforts. At present, the main reference points for a potential development of the situation are still located at the previously identified levels. For those looking to buy, the resistance levels of the daily Ichimoku death cross are around 1.1031 – 1.1055 – 1.1107, while for those selling, it’s essential to overcome supports at various timeframes: 1.0898 – 1.0866 – 1.0835 – 1.0805.
H4 – H1
Since yesterday, the bulls have held their position above the key levels of 1.0995-73 (central pivot point of the day + weekly long-term trend), maintaining their interaction with them. Thus, keeping the main advantage of the lower timeframes on their side. If the bullish players’ plans materialize, their intraday targets are 1.1025 – 1.1047 – 1.1077 (resistances of the classic pivot points). However, if fortune favors their opponents, the bearish players will act by overcoming the supports of the classic pivot points (1.0943 – 1.0921).
***
GBP/USD
Higher timeframes
The boundary, led by the weekly short-term trend (1.2812), continues to restrain the development of the situation. All other significant reference points today remain in their previously marked positions. The situation in its conclusions and expectations has not undergone significant changes. For those selling, a fortified support zone is blocking the way, formed by the daily cloud (1.2651 – 1.2577) and levels of higher timeframes (1.2597 – 1.2629). For those looking to buy, they need to overcome resistances of various levels of higher timeframes (1.2807 – 1.2893 – 1.2942).
H4 – H1
Bearish players are once again testing the strength of the weekly long-term trend (1.2739). A continuation of the decline within the day today is possible through overcoming the supports of classic pivot points (1.2684 – 1.2656). A recovery of positions by bullish players can be considered if they reclaim the central pivot point of the day (1.2760). Next, they will face resistances of the classic pivot points (1.2808 – 1.2836 – 1.2884).
***
The technical analysis of the situation uses:
Higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
Lower timeframes – H1 – Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
The material has been provided by InstaForex Company – www.instaforex.com
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