GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the convergence made GBPUSD reverse and start a new uptrend, which is heading towards the retracement of 23.6% at 1.3065. The next upside target may be the retracement of 38.2% at 1.3316. The support level is the low at 1.2661.
In the H1 chart, the pair slowed down its growth a little bit and may be corrected to the downside to reach the retracements of 23.6%, 38.2% and 50.0% at 1.2868, 1.2834, and 1.2807 respectively. The short-term resistance level is the high at 1.2924.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, the convergence made EURJPY start a new ascending correction, which has already reached the retracement of 50.0% and may continue towards the ones of 61.8% and 76.0% at 128.77 and 129.65 respectively. The support level is the low at 124.90.
In the H1 chart, the pair completed the ascending impulse and right now is being corrected downwards. By now, the correction has already reached the retracement of 23.6%. The next downside targets are the retracements of 38.2% and 50.0% at 127.11 and 126.82 respectively.
