GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is forming a short-term descending correction inside the uptrend. After finishing the correction, the pair may form one more ascending impulse to reach the retracement of 50.0% at 1.3384. The support level is close to the retracement of 23.6% at 1.2863.
In the H1 chart, the pair has been corrected by 38.2%. The next target may be the retracement of 50.0% at 1.3023. If the price breaks the resistance level at 1.3216, the instrument may continue the mid-term uptrend.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is still trading sideways between the retracements of 38.2% and 50.0%, and may reach the latter level yet in the nearest future. After breaking it, the instrument may continue growing towards the retracement of 61.8% at 127.32. The support level is at 123.76.
In the H1 chart, the pair is forming the Triangle pattern. In the future, the price may break the pattern’s upside border and reach the retracement of 50.0% at 125.55.
