GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the daily chart, the asset has stopped consolidating 23.6% fibo; right now, it is moving downwards. this decline may be a signal in favour of a further downtrend towards 38.2% and 50.0% fibo at 1.3166 and 1.2830 respectively. The key resistance is the high at 1.4250.
In the H1 chart, the asset is forming a short-term pullback after finishing the previous descending impulse. In this case, the correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 1.3570, 1.3600, and 1.3624 respectively. A breakout of the low at 1.3520 will lead to a further downtrend.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, after rebounding from the low at 127.93, EURJPY is moving upwards to extend the correction to reach 50.0% and 61.8% fibo at 131.03 and 131.75 respectively. The key support is the low at 127.93.
The H1 chart shows divergence on MACD, which may indicate a possible pullback after the price reaches 50.0% fibo at 131.03. The downside targets may be 23.6%, 38.2%, and 50.0% fibo at 130.29, 129.85, and 129.48 respectively.
