GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after breaking the previous low, GBPUSD stopped moving sideways and right now is still trading downwards. The downside targets are inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2646 and 1.2597 respectively. At the same time, there is a convergence on MACD, which may indicate a new pullback after the instrument reaches its short-term downside targets.
The H1 chart shows more detailed structure. There is a convergence on MACD. The current movement looks like the Divergent Triangle pattern, which is another signal of a possible pullback in the nearest future.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is trading towards the local support at 127.50 and trying to break the long correctional channel. If the above-mentioned level is broken, the price may fall to reach the key low at 126.63, which is inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 126.82 and 126.40 respectively.
In the H1 chart, the pair got very close to the low at 127.50 and then started a new short-term correction towards the retracement of 50.0%.
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.
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