GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the asset continues falling slowly to reach the low at 1.3572. However, no matter how strong the current downtrend is, the pair may yet form another rising impulse towards 61.8% and 76.0% fibo at 1.3991 and 1.4087 respectively. Only a breakout of the low will indicate a further downtrend to reach the next mid-term target, which is 38.2% fibo at 1.3419. The resistance is the high at 1.4250.
The H1 chart shows a more detailed structure of the current correctional downtrend, which is currently testing 61.8% fibo. Later, the pair may continue falling towards 76.0% fibo at 1.3670. The local resistance is the high at 1.3983.
EURJPY, “Euro vs. Japanese Yen”
The H4 chart shows a steady mid-term downtrend. By now, EURJPY has already broken 38.2% fibo and is currently approaching 50.0% fibo at 127.87. After breaking this level, the asset may continue falling towards 61.8% fibo at 126.40. The resistance is at 134.12.
As we can see in the H1 chart, local convergence on MACD made the asset start a new correctional uptrend towards 23.6%, 38.2%, and 50.0% fibo at 128.59, 128.82, and 129.01 respectively. On the other hand, a breakout of the local low at 128.22 will lead to a further downtrend.
