GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after reaching the retracement of 38.2%, GBPUSD is forming another ascending impulse to reach the resistance line. The key upside target is the high at 1.3381. if the price rebound from the line, the instrument may resume falling towards the retracements of 50.0% and 61.8% at 1.2890 and 1.2773.
In the H1 chart, the pair has formed the second short-term correctional wave, which is heading towards the retracements of 61.8% and 76.0% at 1.3168 and 1.3199 respectively. The next possible target is the high at 1.3269. The support level is the low at 1.2977.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, there was a convergence on MACD and after reaching the retracement of 38.2%, EURJPY started a new pullback, which may transform into a new growth. The upside targets are the retracements of 50.0%, 61.8%, and 76.0% at 125.57, 126.03, and 126.58 respectively. If the price breaks the low at 123.65, the instrument may resume falling towards the retracements of 50.0% at 122.74.
In the H1 chart, the pair has reached the retracement of 38.2%. At the same time, there is a divergence on MACD, which may indicate a new pullback soon.
