GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the convergence made GBPUSD start a new correctional uptrend, which has already reached the retracement of 38.2%. The next upside targets may be the retracements of 50.0% and 61.8% at 1.3088 and 1.3141 respectively. If the price breaks the low at 1.2865, the instrument may continue falling towards the long-term retracement of 61.8% at 1.2773.
In the H1 chart, the price has reached the retracements of 38.2% and may start a new short-term pullback.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after failing to reach the high at 127.50, EURJPY has resumed its mid-term descending correction. If the price breaks the low at 124.09, the instrument may continue trading downwards to reach the retracement of 50.0% at 122.7. The resistance is the high at 126.81.
In the H1 chart, the pair is being corrected upwards; it has already reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 125.45 and 125.77 respectively.
