GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the convergence made GBPUSD start a new correction, which has already reached 23.6% fibo. In case it continues, the price may reach 38.2% and 50.0% fibo at 1.2873 and 1.2971 respectively. After finishing the correction, the instrument may break the current support at 1.2559 and then continue falling towards the long-term low at 1.2397.
The H1 chart shows that the previous short-term rising wave has been corrected by 50.0%. Possibly, the correction may yet continue towards 61.8% and 76.0% fibo at 1.2637 and 1.2608 respectively. However, if the price breaks the high at 1.2736, the mid-term uptrend may continue.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is being corrected upwards and has already reached 38.2% fibo. The next target may be 50.0% fibo at 123.79. After finishing the pullback, the instrument may form a new descending structure to break the low at 120.78 and then 76.0% fibo at 120.25.
In the H1 chart, the pair is forming a short-term correction to the downside, which has already reached 23.6% fibo. The next targets may be 38.2%, 50.0%, and 61.8% fibo at 122.43, 122.20, and 121.97 respectively. The resistance is the high 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.