GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is still moving downwards to reach the retracements of 61.8% and 76.0% at 1.2580 and 1.2170 respectively. At the same time, the convergence is being formed, which may indicate a possible pullback in the future after the instrument reaches its short-term targets.
The H1 chart shows more detailed structure of the current short-term convergence. The targets of the correction that may follow are the retracements of 23.6%, 38.2% and 50.0% at 1.2814, 1.2891, and 1.2951 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is forming a new descending impulse; it has already been corrected to the downside by 76.0% and is getting closer towards the short-term low at 124.62. if the price breaks the low, the downtrend may continue to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 121.80 and 120.10 respectively.
In the H1 chart, the pair is being corrected upwards after completing another descending impulse. By now, the correction has already reached the retracement of 38.2%. The next downside targets are the retracements of 50.0% and 61.8% at 127.29 and 127.66 respectively.
