GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the sideways channel round 61.8% fibo is transforming into a new uptrend. The support level is still 50.0% fibo, while the closest upside target remains at 76.0% fibo. After breaking the target level, the instrument may start another rising impulse to reach the key mid-term high at 1.3381.
In the H1 chart, GBPUSD is testing the local high at 1.3013 and trying to reach the key target. At the same time, there is a divergence on MACD, which indicates a new pullback quite soon. If the price fails to break the high, the pair may start the above-mentioned pullback towards 38.2% fibo at 1.2699.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is trying to complete the correction by forming a new ascending structure. The closest upside target is 76.0% fibo at 121.55. After breaking this level and fixing above it, the instrument may continue growing towards the high at 123.36. The support is at 38.2% fibo (118.73).
In the H1 chart, the divergence on MACD made the pair start a new descending correction. However, the upside targets remain the same, the high at 121,47 and 76.0% fibo at 121.55. At the same time, Black Cross on MACD may indicate a more significant decline towards 61.8% fibo at 118.75.
