GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H4 chart, the GBP/USD pair is being corrected to the upside and forming a new ascending impulse. The pair has already reached the retracement of 23.6%. the next targets are the retracements of 38.2% and 50.0% at 1.3265 and 1.3345 respectively. After reaching the retracement of 50.0%, the instrument may fall towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2905 and 1.2830 respectively.
At the H1 chart, the uptrend is looking pretty stable. The next upside targets may be the retracements of 38.2% and 50.0%.
EUR JPY, “Euro vs. Japanese Yen”
As we can see at the H4 chart, the EUR/JPY pair is still moving sideways. If we assume that the price is starting a new correction to the downside, then the closest significant target of this descending correction may be the retracement of 23.6% at 129.77. However, if we consider this decline as a correction of the previous ascending impulse, the next targets may be the retracements of 50.0% and 61.8% at 130.98 and 130.17 respectively. The resistance level is close to the high at 134.38.
At the H1 chart, the pair may continue falling towards the retracement of 61.8% at 131.35. Later, the price is expected to form another ascending impulse, which may reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 135.52 and 136.23 respectively, but only after breaking the high at 134.38.
RoboForex Analytical Department