GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the daily chart, the asset is correcting upwards after completing a strong descending movement. Possibly, the asset may finish the pullback and resume falling towards 38.2% and 50.0% fibo at 1.3166 and 1.2830 respectively. The key resistance is the high at 1.4250.
In the H4 chart, after breaking 38.2% fibo, the correctional uptrend has failed to reach 50.0% fibo at 1.3664. The pair may yet try to reach this level but the main scenario implies a further downtrend to break the low at 1.3412.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, the correction continues. Possibly, the correction may transform into a consolidation range but one shouldn’t exclude a possibility of a further uptrend to reach 50.0% and 61.8% fibo at 131.03 and 131.75 respectively. A breakout of the key support at 127.93 will lead to a test of the long-term 50.0% fibo at 127.87.
The H1 chart shows that the decline after divergence on MACD has reached 76.0% fibo. At the moment, the price is forming a new impulse to the upside to reach the high at 130.47, a breakout of which will result in a further uptrend.
