GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the daily chart, after trading inside the post-correctional extension area between 138.2% and 161.8% fibo at 1.2019 and 1.1786 respectively for a while, GBPUSD has started a new rising movement due to the convergence, which is now getting closer to 50.0% fibo at 1.2565. The next upside target may be 61.8% fibo at 1.2710. The key support is the low at 1.1958.
In the H4 chart, the pair is slowing down on its way towards 50.0% fibo at 1.2565 because of the convergence on MACD, which may indicate a new correction soon after the price reaches its targets. The targets of this pullback may be 23.6%, 38.2%, and 50.0% fibo at 1.2394, 1.2332, and 1.2262 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, the convergence made EURJPY start a quick correctional uptrend, which is slowing down at 50.0% fibo. The next upside targets may be 61.8% and 76.0% fibo at 120.50 and 121.56 respectively. The key support is the low at 115.86.
In the H1 chart, there was a divergence within the uptrend on MACD, which made the pair start a new pullback towards 23.6% fibo. However, as long as the price is moving below the high at 120.01, there is a possibility of a new descending correction towards 38.2% and 50.0% fibo at 118.43 and 117.45 respectively.
