GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD continues its descending movement, which has already reached the retracement of 50.0%. The next downside targets may be the retracements of 61.8% and 76.0% at 1.3553 and 1.3362 respectively. The resistance level is at 1.4060.
In the H1 chart, the convergence is being formed, which may indicate a possible correction to the upside in the future. The targets of this pullback may be the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 1.3680, 1.3740, 1.3789, and 1.3838 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after being corrected to the upside by 50.0%, EURJPY was forced to reverse due to the divergence and has already been corrected downwards by 38.2%. The next downside targets may be the retracements of 50.0% and 61.8% at 131.20 and 130.68 respectively. However, if the price starts a new ascending impulse and breaks the short-term high, the instrument may continue the mid-term correctional uptrend and reach the retracement of 61.8% at 134.23.
In the H1 chart, the convergence is being formed, which may indicate a possible trend reverse. The targets of this pullback may be the retracements of 38.2%, 50.0%, and 61.8% at 132.30, 132.53, and 132.75 respectively.
RoboForex Analytical Department