GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD continues its descending movement, which has already reached the retracement of 61.8%. The next downside target may be the retracement of 76.0% at 1.3153.
In the H1 chart, the pair is moving downwards, but at the same time the convergence is being formed, which may indicate a possible correction to the upside in the future. The targets of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 1.3445, 1.3622, and 1.3765 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after being corrected to the upside, EURJPY has started a new impulse inside the mid-term downtrend towards the retracement of 38.2% at 128.84.
In the H1 chart, the price is trading to the downside. After breaking the low, at 129.22, the instrument may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 128.40 and 127.90 respectively.
RoboForex Analytical Department