GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has broken the short-term low and right now is still being corrected downwards. The targets of this decline may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3102 and 1.3040 respectively. The resistance level is at 1.3480.
In the H1 chart, the pair is falling towards the post-correctional extension area between. At the same time, the convergence is being formed, which indicates a possible pullback after the price reaches its targets.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY has already been corrected by 61.8% and may continue trading towards the retracement of 76.0% at 126.00, the short-term upside targets are at 128.15 and 129.00.
In the H1 chart, the convergence made the pair reverse and start a new correction to the upside, which has already reached the retracement of 23.6%. In the future, this growth may continue towards the retracements of 38.2%, 50.0%, and 61.8% at 128.97, 128.50, and 128.93 respectively.
