GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the current downtrend is moving towards the long-term low at 1.2395. However, the key targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 1.2402 and 1.2335 respectively. The resistance is the current fractal high at 1.2784.
In the H1 chart, the pair is trading downwards. At the same time, there is a convergence on MACD, which indicates a new pullback after the price reaches its closest target at 1.2402. The targets of this pullback may be 23.6%, 38.2%, and 50.0% fibo at 1.2492, 1.2548, and 1.2593).
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, the correction continues. There is a possibility that the price may start a new correctional uptrend towards 50.0% fibo at 123.80, but this possibility is very unlikely. According to the main scenario, the instrument may fall to break the low at 120.78 and then mid-term 76.0% fibo at 120.25.
In the H1 chart, the pair completed the descending wave and started a new correction, which has already reached 38.2% fibo. Later, the correction may reach 50.0% at 122.34. After completing it, the instrument may start a new descending wave towards the local low at 121.31 and the key one at 120.78.
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.