GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the asset is getting ready for a deeper correctional downtrend. After completing a short-term growth, GBPUSD has returned to 23.6% fibo. Later, the pair may continue falling towards 38.2%, 50.0%, and 61.8% fibo at 1.3643, 1.3457, and 1.3272 respectively. A breakout of the high at 1.4241 will result in a further uptrend towards the long-term fractal high at 1.4376.
In the H1 chart, after correcting to the upside and reaching 50.0% fibo at 1.4009, the asset has fallen towards 76.0% fibo intending to reach the low at 1.3778. The current situation implies that the price may form another ascending wave towards the high at 1.4004, and then 50.0% and 61.8% fibo at 1.4009 and 1.4064 respectively. On the other hand, a breakout of the low at 1.3778 will result in a further downtrend to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1.3691 and 1.3638 respectively.
EURJPY, “Euro vs. Japanese Yen”
The H4 chart shows that the asset is trying to break the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 129.15 and 130.44 respectively. If it succeeds, the price may continue trading within the uptrend to reach the long-term 76.0% fibo at 131.93. Also, there is a divergence on MACD, which may indicate a possible pullback or even a reversal.
In the H1 chart, the par is moving downwards after a divergence on MACD. If the price fails to break the current high at 130.48 in the nearest future, the instrument may continue falling to reach 23.6% and 38.2% fibo at 128.40 and 127.10 respectively.
