GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after being corrected to the upside by 76.0%, GBPUSD has started a new descending impulse. Possibly, right now the price is forming a mid-term sideways channel between 1.2662 and 1.3298. If the pair breaks the resistance at 1.3298, the instrument may continue growing to reach the retracement of 50.0% at 1.3517.
In the H1 chart, GBPUSD is being corrected upwards and has already reached the retracement of 61.8%. The next targets may be the retracement of 76.0% at 1.3090 and the high at 1.3174. The support level is the local low at 1.2827.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, the correctional downtrend has reached the retracement of 76.0%. Right now, the price is forming a new rising impulse. The closest upside target may be the high at 130.15. If the price breaks it, the instrument may continue growing to reach the retracements of 61.8% and 76.0% at 130.65 and 131.56.
In the H1 chart, the correctional uptrend continues; it has already reached the retracement of 50.0%. The next possible upside targets may be the retracements of 61.8% and 76.0% at 129.14 and 129.52 respectively.
