GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has tested the previous low, thus indicating that the price may continue falling towards 50.0% and 61.8% fibo at 1.2856 and 1.2700 respectively. in the nearest future, the instrument is expected to form a new correction to the upside.
The H1 chart shows a rising correction after the convergence on MACD. By now, it has already reached 23.6% fibo and may continue growing towards 38.2% and 50.0% fibo at 1.3001 and 1.3040 respectively. The support is the low at 1.2872.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after finishing a pullback towards the resistance at 121.21, EURJPY is forming a new descending impulse, which has already updated the low. Later, the current decline may continue towards 50.0% and 61.8% fibo at 119.36 and 118.55 respectively.
The H1 chart shows a new correction to the upside after the convergence on MACD. After finishing the correction, the instrument may resume falling to reach the post-correctional extension area between 138.2% and 161.8% fibo at 191.25 and 118.92 respectively.
