GBP/USD
On H4, for GBP/USD we can see that after the convergence has been formed, the market is starting to form a correction uptrend. The targets of the correction uptrend may lie at Fibonacci levels of 23.6% (1.3291), 38.2% (1,3499) and 50.0% (1.3665). The low at 1.2957 is acting as a support.
On H1, GBP/USD is forming a local uptrend towards 1.3291. With due consideration of the developing convergence we can assume that there will be a pullback after the level of 1.3291 has been reached. The Fibonacci level of 50.0% may become the main target of the pullback.
EUR/JPY
On H4, for EUR/JPY we see that after the convergence the market has corrected the previous uptrend at Fibonacci level of 38.2%. Further the downtrend to 50.0% (129.32) and 61,8% (128.68) can be expected. The resistance is on the level of 131.98.
On H1, for EUR/JPY the convergence is forming which can be the signal for an upward correction. Its targets may be at the following Fibonacci levels: 23.6% (130.27), 38.2% (130.60), and 50.0% (130.86).
