GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after finishing a short-term correctional growth, GBPUSD is falling again and may soon break the low at 1.3786. After that, the instrument may continue falling towards 38.2% and 50.0% fibo at 1.3648 and 1.3463 respectively. An alternative scenario implies that the asset may rebound from the low and start a new rising wave to reach the high at 1.4250 and then 1.4376.
The H1 chart shows a more detailed structure of the descending wave after a divergence on MACD. Earlier, the asset reached 38.2% fibo but if it rebounds from the low, the price may resume growing towards 50.0%and 61.8% fibo at 1.4018 and 1.4073 respectively.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, after finishing a quick correctional wave to the upside, which failed to transform into a proper rising wave, EURJPY is forming a new descending structure towards 38.2% and 50.0% fibo at 129.35 and 127.88 respectively. At the same time, a breakout of the high at 134.12 will result in a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 135.67 and 136.64 respectively.
As we can see in the H1 chart, the asset is about to complete the correctional uptrend at 61.8% fibo to start a new decline towards the local low at 130.04, a breakout of which will lead to a further mid-term downtrend. On the other hand, if the pair rebounds from the low, the instrument may resume growing towards 76.0% fibo at 133.14. However, the key upside target is the high at 134.12.
