GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is being corrected to the downside and has already reached the retracement of 50.0%. The next downside targets may be the retracements of 61.8% and 76.0% at 1.3959 and 1.3892 respectively. After finishing the correction, the instrument may start a new ascending impulse towards the local high at 1.4245 and then the long-term one at 1.4345.
The H1 chart shows more detailed structure of the current movement. The price is being corrected upwards; it has already reached the retracement of 38.2% and may continue growing up to the retracement of 50.0% at 1.4126. However, after breaking the low at 1.4009, the instrument may resume falling towards the short-term downside targets.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, the convergence made EURJPY reverse and start a new correction. However, the mid-term downtrend may yet continue if the price breaks the low at 128.94. In this case, the downside targets will be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 127.85 and 127.18 respectively. The current correction has reached the retracement of 23.6% and may continue towards the retracements of 38.2% and 50.0% at 132.22 and 133.24 respectively.
In the H1 chart, the pair is forming a short-term correction after completing a quick ascending impulse, which has already reached the retracement of 61.8%. The next downside target may be the retracement of 76.0% at 129.64.
RoboForex Analytical Department