GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has updated the previous high and may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3385 and 1.3488 respectively. In the short-term, the instrument may be corrected to reach the local support level at 1.3216.
In the H1 chart, there is a divergence on MACD, which may indicate a new correctional downtrend. The possible targets may be the retracements of 23.6% and 38.2% at 1.3167 and 1.3090 respectively. However, this decline won’t last long and later the instrument may start a new rising wave.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is still trading upwards; the price is trying to fix above the retracement of 50.0% and reach the one of 61.8% at 127.34. The current support is at 123.76.
In the H1 chart, the divergence made the instrument start falling. It has already reached the retracement of 23.6%. The next possible targets are the retracements of 38.2% and 50.0% at 125.50 and 125.27 respectively. However, if the price breaks the high at 126.30, the pair will continue growing.
