GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, there was a convergence on MACD that made GBPUSD start a new correctional uptrend, which has already reached the retracement of 23.6%. In the future, the correction may continue towards the retracements of 38.2% and 50.0% at 1.3154 and 1.3385 respectively. The support level is at 1.2397.
In the H1 chart, there pair has been corrected to the downside by 50.0% and then formed a new rising impulse. If the price breaks the high at 1.2930, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3030 and 1.3093 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after finishing the quick descending impulse, EURJPY is forming a new correctional uptrend towards the retracements of 50.0% and 61.8% at 125.55 and 127.34 respectively. The support level is at 121.55.
In the H1 chart, the pair is being corrected to the downside and has already reached the retracement of 23.6%. The next possible targets of this correction may be the retracement of 38.2% at 122.37. At the same time, there is a convergence on MACD, which may indicate a new growth after the price reaches its targets.
