GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the downtrend has been corrected by 38.2% over the last several weeks. In the future, the ascending correction may continue towards the retracements of 50.0%, 61.8%, and 76.0% at 1.4026, 1.4102, and 1.4192 respectively.
In the H1 chart, the pair is being corrected downwards and has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.3914, 1.3888, and 1.3863 respectively.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, the convergence made EURJPY reverse and start a new rising correction, which has already reached the retracement of 38.2% and may continue trading towards the retracements of 50.0% and 61.8% at 133.41 and 134.38 respectively.
In the H1 chart, the situation is similar and confirms the scenario described above.
RoboForex Analytical Department
