GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the downtrend continues. GBPUSD has broken the Triangle pattern to the downside; right now, it is trading towards the retracements of 50.0% and 61.8% at 1.2889 and 1.2773 respectively. The resistance level is the retracement of 23.6% at 1.3150.
In the H1 chart, the price is falling. At the same time, there is a convergence on MACD, that’s why the pair is expected to start a new pullback towards the retracements of 23.6%, 38.2%, and 50.0% at 1.2946, 1.2982, and 1.3011 respectively after it reaches 1.2889.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after being corrected to the upside by 76.0%, EURJPY is trading downwards. The current descending correction is heading towards the retracements of 50.0% and 61.8% at 125.23 and 124.86 respectively. The resistance is the high at 126.81.
In the H1 chart, the pair is being corrected downwards. At the same time, there is a convergence on MACD, that’s why the pair is expected to start a new rising pullback towards the retracements of 38.2% and 50.0% at 125.61 and 125.84 respectively after it reaches 124.86.
