GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the daily chart, the descending tendency has almost reached the post-correctional extension area between 138.2% and 161.8% fibo at 1.2019 and 1.1788 respectively. At the same time, there is a convergence on MACD, which indicates further growth. The resistance is at 1.2395.
The short-term scenario is shown on the H1 chart. Here, there is a convergence, which may indicate a new correction soon. The possible correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 1.2143, 1.2222, and 1.2286 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the daily chart, after testing the low again, the price has rebounded from it. At the same time, there is a convergence on MACD, which may indicate a possible reverse and a pullback. After breaking the low, the descending tendency may continue towards the post-correctional extension area between 138.2% and 161.8% fibo at 114.34 and 112.09 respectively.
In the H4 chart, the pair has already been corrected to the upside by 23.6%. Judging by the convergence on MACD, the correction may yet continue to reach 38.2%, 50.0%, and 61.8% fibo at 119.74, 120.43, and 121.11 respectively. The support is the low at 117.51.
