GBPUSD, “Great Britain Pound vs US Dollar”
It would be better to analyze GBPUSD in the daily chart. As we can see, after breaking the low at 1.2395, the pair is trading towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.2022 and 1.1788 respectively. It’s interesting to note that 1.2395, which earlier was the support, is now the resistance.
The short-term scenario is shown on the H1 chart. After finishing the descending impulse, the pair is starting a new short-term pullback. The support is the low at 1.2118. The correctional targets are 23.6%, 38.2%, and 50.0% fibo at 1.2213, 1.2272, and 1.2320 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the daily chart, there is a convergence on MACD, which may indicate a possible reverse after the price has reached 76.0% fibo. The targets of this pullback may be 23.6% and 38.2% fibo at 121.67 and 122.62 respectively. The instrument may yet break the support at 120.04, but only after completing the pullback.
In the H4 chart, the pair is being corrected after finishing the previous descending impulse. By now, the correction has already reached 38.2% fibo and may continue towards 50.0% and 61.8% fibo at 121.52 and 121.87 respectively.
