GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H4 chart, the GBP/USD pair has reached its intermediate targets and right now is still trading upwards. The closest target is the retracement of 423.6% at 1.4105. After reaching it, the instrument may start a new correction to the downside.
At the H1 chart, the situation is similar and confirms the scenario described above. The correctional targets may be the retracements of 23.6%, 38.2%, and 50.0% at 1.3050, 1.3858, and 1.3777 respectively.
EUR JPY, “Euro vs. Japanese Yen”
As we can see at the H4 chart, a new ascending impulse hasn’t been able to break the local high at 136.63, but may yet try again. After breaking the high, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 138.00 and 138.85 respectively.
At the H1 chart, the pair is forming a local correction. The targets are the retracements of 38.2% and 50.0% at 135.40 and 134.67 respectively.
RoboForex Analytical Department