GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is being corrected downwards to reach retracement of 50.0% at 1.3060. After completing the correction, the price may start a new rising impulse towards the high at 1.3350. If the pair breaks t, the instrument may continue growing to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3384 and 1.3489 respectively.
The H1 chart shows more detailed structure of the current decline towards the retracement of 50.0% at 1.3060. At the same time, there is a convergence on MACD, which may indicate a new correctional uptrend.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after reaching the retracement of 61.8%, EURJPY is trading downwards. The downside target may be the retracement of 50.0% at 125.54. After finishing the correction, the price may resume growing to reach the retracement of 76.0% at 129.49. The resistance level is the high at 127.50.
In the H1 chart, the downtrend has reached the retracement of 38.2%. The next possible targets are the retracements of 50.0% and 61.8% at 125.87 and 125.48 respectively.
