GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after being corrected by 76.0%, GBPUSD started a new pullback. The main upside target is the current high at 1.3298. If the price breaks the high, the pair may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3440 and 1.3533 respectively. The support level is at 1.2922.
In the H1 chart, after reaching the retracement of 50.0%, the pair started a new correction. If the price breaks the high at 1.3258, it may continue trading upwards. However, in case the pair start a new descending correction, its targets will be the retracements of 61.8% and 76.0% at 1.3052 and 1.3003 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after the price reached the retracement of 50.0%, the convergence made EURJPY start a short-term correction, which has already reached the retracement of 23.6%. The next possible targets are the retracements of 38.2%, 50.0%, and 61.8% at 130.64, 131.1, and 131.59 respectively. However, if the pair breaks the low at 129.12, the mid-term downtrend may continue towards the retracements of 50.0% and 61.8% at 129.02 and 128.04 respectively.
The H1 chart shows more detailed structure of the current correction.
