GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after finishing the correction at 50.0% fibo and breaking the low, GBPUSD is still trading downwards. The next downside targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 1.2019 and 1.1788 respectively. The resistance is at 1.2286. At the same time, there is a convergence on MACD, which indicates slowdown of the descending tendency.
In the H1 chart, the pair is correcting to the upside and has already reached 38.2% fibo. The next target may be 50.0% fibo at 1.2133. The support is close to the low at 1.1958.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the daily chart, after breaking the significant low, EURUSD is still moving downwards. The targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 114.33 and 112.06 respectively. The resistance is at 117.96..
In the H4 chart, there is a convergence, which may indicate a possible pullback soon. The targets of this correction may be 23.6%, 38.2%, and 50.0% fibo at 117.18, 117.96, and 118.62 respectively. The support is near the low at 115.86.
