GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after completing the correctional downtrend, GBPUSD started a new rising impulse, which has already reached the retracement of 61.8%. However, right now the price is expected to start a short-term pullback. The next upside targets will be at 1.3109 (the retracements of 76.0%) and the high at 1.3216. The support level is at 1.2806.
In the H1 chart, the pair is starting a new correctional downtrend. The possible downside target are the retracements of 23.6%, 38.2%, and 50.0% at 1.3033, 1.3007, and 1.2986 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after failing to reach the retracement of 23.6%, EURJPY started a new growth, which is testing the high at 125.94. If the price breaks this level, the instrument may continue growing to reach towards the mid-term targets, the retracements of 61.8% and 76.0% at 127.34 and 129.48 respectively.
In the H1 chart, the instrument is testing the high. The support level is at 124.05.
