GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, there was a convergence on MACD, which made GBPUSD start a new correctional uptrend towards the retracement of 38.2% at 1.2790. In the future, the correction may continue towards the retracements of 50.0% and 61.8% at 1.2886 and 1.2985 respectively. The support is the low at 1.2476.
The H1 chart shows more detailed structure of the current rising tendency. There is a divergence on MACD, which means that the price may start a new pullback after reaching the target.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY has broken the previous low and right now is still trading downwards to reach towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 125.30 and 124.46 respectively. The resistance is at 126.63.
In the H1 chart, there is a divergence on MACD, which may indicate a new correction after the instrument reaches the post-correctional extension retracement of 138.2% at 125.30.
