GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, after re-testing 38.2% fibo at 1.3643, GBPUSD has rebounded from this level. This rebound together with a convergence on MACD may be a signal in favor of a new rising wave to reach the high and the long-term fractal high at 1.4241 and 1.4376 respectively. Another scenario implies that the price may reach its previous local high and start forming a sideways channel, which may be considered as an intermediate phase within the descending correction towards 38.2% and 50.0% fibo at 1.3643 and 1.3457 respectively.
The H1 chart shows a new growth after a local convergence on MACD and a test of the low. The pair is approaching 23.6% fibo but the key upside targets are 50.0% and 61.8% fibo at 1.3955 and 1.4022 respectively. A breakout of the local low at 1.3669 may lead to a further mid-term downtrend.
EURJPY, “Euro vs. Japanese Yen”
The daily chart shows that the rising wave is approaching 76.0% fibo at 131.95. Taking into account a divergence on MACD, EURJPY may reverse and resume falling towards the local support at 50.0% fibo (125.95).
As we can see in the H4 chart, after completing the correctional downtrend at 23.6% fibo, the asset is attacking the high at 130.66 once again, a breakout of which may lead to a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 131.57 and 132.13 respectively with the mid-term 76.0% fibo inside it. The support is the local low at 128.29.
