EUR/JPY broke key support level 131…
GBP/USD: bullish "Pennant"
The price is consolidating between the levels 1.2911 – 1.2774. Also, we’ve got a “Pennant”, so the market is likely going to achieve the closest resistance at 1.2911 – 1.2945 in the short term. If we see a pullback from this area, there’ll be an opportunity to have a bearish correction in the direction of the nearest support at 1.2774 - 1.2727.
There’s a consolidation, which is taking place between the nearest resistance at 1.2865 and the 34 Moving Average. At the same time, we’ve got a “Pennant” pattern, so bulls are likely going to test the next resistance at 1.2900 – 1.2911. However, if a pullback from these levels be on the table, bears will probably try to reach the 55 Moving Average.
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.