GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the current correctional impulse has reached 38.2% fibo. The next upside correctional targets may be 50.0% and 61.8% fibo at 1.2840 and 1.2920 respectively. After finishing the correction, GBPUSD may start a new descending wave to break the local low at 1.2506 and reach the long-term low at 1.2395.
In the H1 chart, the pair is trading downwards after completing another ascending wave and has already reached 38.1% fibo. Possibly, the correction may yet continue towards 50.0%, 61.8%, and 76.0% fibo at 1.2645, 1.2612, and 1.2573 respectively. The resistance is the local high at 1.2784.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, the correction continues. The first rising wave after the convergence has reached 38.2% and may continue towards 50.0% and 61.8% fibo at 123.80 and 124.50 respectively. If the pair breaks the current low at 120.78, the price may continue the mid-term tendency towards 76.0% fibo at 120.25.
In the H1 chart, the pair is being corrected before a new rising wave towards 76.0% fibo at 122.64 and the high at 123.18. The support is the low at 120.95 respectively.
