GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after updating the low, GBPUSD is heading towards the long-term 38.2% fibo at 1.3166; right now, the pair is forming a short-term pullback. However, convergence on MACD indicates that a proper correction may start after the price reaches the above-mentioned level. In this case, the correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 1.3325, 1.3422, and 1.3500 respectively. The resistance is at 1.3834.
The H1 chart shows the start of a new correctional uptrend after convergence on MACD, which has already reached 23.6% fibo and may later continue towards 38.2% and 50.0% fibo at 1.3530 and 1.3584 respectively. A breakout of the local low at 1.3353 may lead to a further downtrend.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the daily chart, the previous rising impulse has failed to test the high at 134.12. At the moment, the pair is falling and this decline may be both a pullback and a new descending wave towards 50.0% and 61.8% fibo at 127.87 and 126.40 respectively.
In the H1 chart, EURJPY has reached 76.0% fibo. The chart also shows convergence on MACD, which may hint at a reversal to the upside and a new growth towards the resistance at 133.47 and the high at 134.12. On the other hand, if the price falls and reaches the low at 128.33, it may continue falling towards the long-term 50.0% fibo at 127.87.
