GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is moving inside the post-correctional extension area between 138.2% and 161.8% fibo at 1.3026 and 1.3158 respectively. At the same time, the MACD indicator is forming a divergence, which may hint at a possible correction. The target of this pullback may be a test of the area close to the earlier broken high at 1.2813. After completing the correction, the next rising impulse may be heading towards the long-term 61.8% fibo at 1.3243.
In the H1 chart, the divergence on MACD made the price start a new correction, which has already reached 23.6% fibo. The next correctional downside targets may be 38.2%, 50.0%, and 61.8% fibo at 1.2928, 1.2849, and 1.2770 respectively. However, if the price breaks the high at 1.3186, the instrument may continue the uptrend.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after completing a short-term pullback towards the earlier broken high at 124.43, EURJPY is forming a new rising impulse towards the long-term 50.0% fibo at 125.94 and then the post-correctional extension area between 138.2% and 161.8% fibo at 126.38 and 127.57 respectively. The support is the fractal low at 119.31.
In the H1 chart, the instrument is correcting after a local divergence on MACD. The first descending impulse has already reached 23.6% fibo. However, a following ascending structure may be heading towards the high at 125.59. If the price fails to break the high, the instrument may resume trading downwards to reach 38.2% and 50.0% fibo at 123.56 and 122.93.
