GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the convergence made GBPUSD start a new correction, which has already reached 23.6% fibo. In case it continues, the price may reach 38.2% and 50.0% fibo at 1.2873 and 1.2971 respectively. After finishing the correction, the instrument may break the current support at 1.2559 and then continue falling towards the long-term low at 1.2397.
The H1 chart shows that the previous short-term rising wave has been corrected by 50.0%. Possibly, the correction may yet continue towards 61.8% and 76.0% fibo at 1.2637 and 1.2608 respectively. However, if the price breaks the high at 1.2736, the mid-term uptrend may continue.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is being corrected upwards and has already reached 38.2% fibo. The next target may be 50.0% fibo at 123.79. After finishing the pullback, the instrument may form a new descending structure to break the low at 120.78 and then 76.0% fibo at 120.25.
In the H1 chart, the pair is forming a short-term correction to the downside, which has already reached 23.6% fibo. The next targets may be 38.2%, 50.0%, and 61.8% fibo at 122.43, 122.20, and 121.97 respectively. The resistance is the high at 120.78.
