GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD continues its descending movement, which has already reached the retracement of 61.8%. The next downside target may be the retracement of 76.0% at 1.3362. The resistance level is at 1.3866.
In the H1 chart, the pair is moving downwards, but at the same time the convergence is being formed, which may indicate a possible correction to the upside in the future. The targets of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 1.3603, 1.3750, and 1.3866 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after being corrected to the upside, EURJPY has started a new impulse inside the mid-term downtrend towards the retracement of 38.2% at 128.84. The next downside target may be the retracement of 50.0% at 126.16. The resistance level is at 132.15.
In the H1 chart, the price is trading to the downside, but at the same time the convergence is being formed, which may indicate a possible trend reverse. The targets of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 130.01, 130.50, and 130.88 respectively.
RoboForex Analytical Department