GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, there was a divergence on MACD, which made GBPUSD complete the rising wave at 76.0% fibo at 1.3040 and start a new pullback. The downside targets are 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1.2819, 1.2700, 1.2600, and 1.2506 respectively.
The H1 chart shows more detailed structure of the current descending correction after the divergence.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, there was a divergence on MACD, which made EURJPY finish the ascending wave at 76.0% fibo at 121.55 and start a new decline, which has already reached 23.6% fibo. The next downside targets are 38.2%, 50.0%, and 61.8% fibo at 119.79, 119.27, and 118.75 respectively. the resistance is the high at 121.47.
In the H1 chart, the pair is about to reach 23.6% fibo.
