GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H4 chart, the GBP/USD pair is still being corrected and has already reached the retracement of 38.2%. The next target of the correction is the retracement of 50.0% at 1.2823. The resistance level is at 1.3657.
At the H1 chart, the pair is about to complete the correction. If the price breaks the local low at 1.3040, the instrument may fall towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2988 and 1.2955 respectively.
EUR JPY, “Euro vs. Japanese Yen”
As we can see at the H4 chart, the mid-term correction to the downside continues. By now, it has already reached the retracement of 23.6%. The next target is the retracements of 38.2% 129.86.
At the H1 chart, the EUR/JPY pair is forming a new descending impulse. After breaking the local low, the price may fall towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 130.80 and 130.40 respectively.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.