GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is being corrected upwards; the pair has almost reached the retracement of 23.6% at 1.3482, but then started consolidating. The next targets of this rising correction may be the retracements of 38.2% and 50.0% at 1.3653 and 1.3791 respectively. The support level is the current low at 1.3204.
In the H1 chart, the divergence made the pair reverse and start a new correction, which is heading towards the retracement of 50.0% at 1.3338. The next target may be the retracement of 61.8% at 1.3307.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after being corrected to the downside by 38.2%, EURJPY has started a new ascending impulse, which is getting closer to the local high at 130.27. After breaking it, the instrument may continue growing to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 131.08 and 131.57 respectively. However, the price may yet rebound from the high and continue the correction downwards. In this case, the target may be the retracement of 50.0% at 127.45.
The H1 chart shows more detailed structure of the current movement.
