GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the convergence made GBPUSD complete the downtrend and start a new correction to the upside. The targets of this rising correction may be the retracementы of 23.6%, 38.2%, and 50.0% at 1.3480, 1.3654, and 1.3790 respectively. The support level is the current low at 1.3204.
In the H1 chart, one can see the uptrend along with the divergence. After reaching the target, the instrument may start a new correction towards the retracements of 23.6%, 38.2%, and 50.0% at 1.3416, 1.3375, and 1.3342 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY has reached the retracement of 50.0% and may have finished the downtrend. Right now, the pair is trading upwards. However, the downtrend may yet continue to reach the retracement of 61.8% at 123.53. Still, the targets of the current uptrend is the resistance level at 132.15.
In the H1 chart, the uptrend is getting closer to the retracement of 76.0% at 129.76. The next upside target may be at 131.39. At the same time, the divergence is being formed, which may indicate a possible pullback in the future.
