GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the downtrend continues; it has already reached the retracement of 76.0%. The next downside target may be the key support level at 1.3027. At the same time, one can see the convergence being formed, which may indicate a possible pullback in the future.
The H1 chart shows more detailed structure of the current descending movement. Taking into account the convergence that is being formed, the instrument may reach its downside targets and then start a new correction towards the retracements of 23.6%, 38.2%, and 50.0% at 1.3347, 1.3544, and 1.3700 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, the downtrend continues; it has already reached the retracement of 50.0%. The next downside targets may be the retracements of 61.8% and 76.0% at 123.50 and 120.27 respectively. The resistance level is at 132.17.
In the H1 chart, the convergence is being formed, which may indicate a possible correction in the future. The targets of this possible pullback are the retracements of 38.2%, 50.0%, and 61.8% at 127.18, 127.98, and 128.77 respectively.
RoboForex Analytical Department