GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the convergence made GBPUSD start a new correction to the upside. The possible targets of this correction may be the retracements of 23.6% and 38.2% at 1.3402 and 1.3587 respectively. However, in case the downtrend continues, the instrument may trade to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3100 and 1.3036 respectively.
In the H1 chart, after finishing another ascending impulse, the pair has started a new correction to the downside, which has already reached the retracement of 50.0%. The next targets may be the retracements of 61.8%% and 76.0%. The resistance level is the high at 1.3315
EURJPY, “Euro vs. Japanese Yen”
The H4 chart shows two corrections, the mid-term correction to the upside and the short-term one to the downside. The targets of the first correction may be the retracements of 50.0% and 61.85 at 131.05 and 132.576 respectively; the target of the short-term one – the retracement of 76.0% at 126.00.
In the H1 chart, the divergence made the pair reverse and start a new correction to the downside, which has already reached the retracement of 38.2%. In the future, this decline may continue towards the retracements of 50.0%, 61.8%, and 76.0% at 127.74, 127.48, and 127.17 respectively. The resistance level is at 128.84.
