GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, there was a convergence on MACD after the pair had reached the post-correctional extension area between 138.2% and 161.8% fibo at 1.2019 and 1.1788 respectively, which indicated a new pullback. By now, the pullback has reached 23.6% fibo and may continue towards 38.2%, 50.0%, and 61.8% fibo at 1.2230, 1.2286, and 1.2350 respectively. The support is the low at 1.2015.
The short-term scenario is shown on the H1 chart. Here, there is a local convergence, which may indicate a slowdown in the correctional uptrend towards 38.2% and 50.0% fibo at 1.2223 and 1.2286 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the daily chart, EURJPY is still testing the long-term low again. After breaking the low and fixing below it, the descending tendency may continue towards the post-correctional extension area between 138.2% and 161.8% fibo at 114.34 and 112.09 respectively. The resistance is close to 76.0% fibo at 120.28.
In the H4 chart, after being corrected to the upside by 50.0%, the pair is trading downwards to reach the low at 117.51.
