GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after breaking the low at 1.2661, GBPUSD started a new descending impulse, which is heading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2420 and 1.2270 respectively. At the same time, there is a convergence on MACD, which may indicate a new pullback after the instrument reaches its short-term downside targets. The key resistance is at 1.2813.
The H1 chart shows more detailed structure. There is a convergence on MACD. Possibly, after reachi9ng 1.2420, the pair may start a new short-term correction to reach the retracement of 50.0% at 1.2616.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, EURJPY was trying to test the local support at 127.50 while forming the current descending impulse. If the price breaks the above-mentioned level, the pair may fall to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 126.82 and 126.40 respectively. The current rising impulse is intended to expand the correctional channel after reaching the local high at 129.28. After breaking this level, the instrument may continue growing towards the key resistance at 130.15.
As we can see in the H1 chart, after finishing the correction, the pair has started a new impulse to the upside. The short-term target is the high at 128.98. If the price breaks it, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 129.28 and 129.48 respectively. The support is the low at 128.17.
