FX.co ★ EUR/USD and GBP/USD: Technical analysis for July 3

EUR/USD

Higher timeframes

Another month has passed. The bearish players in June did not agree to continue the May decline and surrendered the initiative to their opponent, who sought to fully restore their positions, but still failed to reach a new high (1.1096). In the current situation, work in the zone of daily and weekly downward correction continues, so for bulls, it is important to first update the highs of 1.1012 - 1.1096 before new prospects emerge. For bears, the main focus now is to get rid of the attraction and influence of several strong Ichimoku levels from different timeframes (1.0901 - 1.0875 - 1.0846 - 1.0807 - 1.0738). This will allow the elimination of the daily and weekly golden crosses of Ichimoku, returning to the task of updating the May low (1.0636) and continuing the decline.

H4 - H1

On lower timeframes, the key levels of 1.0893 - 1.0912 (central pivot point + weekly long-term trend) are being tested for strength. Working below the key levels will favor bearish advantages and sentiments. Within the day, the support levels of the classic pivot points (1.0853 - 1.0797 - 1.0757) serve as bearish targets. Consolidation and work above the key levels will give an advantage to the bulls, with intraday targets at the resistance levels of the classic pivot points (1.0949 - 1.0989 - 1.1045).

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GBP/USD

Higher timeframes

In June, bulls updated the high, continued the upward movement, and tested the zone of influence of the monthly levels (1.2760 - 1.2893). Overcoming these resistances is the main task for the bulls. Let's see if they can achieve it in July. For bears, the weekly levels (1.2577 - 1.2448 - 1.2324) and the monthly medium-term trend (1.2302) remain important.

H4 - H1

On lower timeframes, the focus is currently on key levels that have converged around 1.2680-72 (central pivot point + weekly long-term trend). Working within their attraction zone creates uncertainty, while breaking out and developing the movement will allow for consideration of other targets. Within the day, these targets are the support levels (1.2619 - 1.2544 - 1.2491) and resistance levels (1.2747 - 1.2800 - 1.2875) of the classic pivot points.

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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)