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 downside and has already reached the retracement of 50.0%. The closest downside target is the retracement of 61.8% at 1.3248. More targets may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3240 and 1.3193 respectively.
At the H1 chart, the situation is similar and confirms the scenario described above. The main trend is bearish.
EUR JPY, “Euro vs. Japanese Yen”
At the H4 chart, the situation is quite complicated. On one hand, if the EUR/JPY pair breaks the local low at 132.25, the price may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 131.62 and 131.24 respectively. On the other hand, if the price breaks the high at 134.379, the instrument may grow to reach another post-correctional extension area between the retracements of 138.2% and 161.8% at 135.17 and 135.67 respectively.
At the H1 chart, the situation is the same and confirms the scenario described above. After finishing the short-term uptrend, the pair started a new descending correction, which has already reached the retracement of 50.0%. The next target may be the retracement of 61.8% at 132.867.
RoboForex Analytical Department