GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the downtrend has been corrected by 38.2% over the last several weeks. In the future, the ascending correction may continue towards the retracements of 50.0%, 61.8%, and 76.0% at 1.4026, 1.4102, and 1.4192 respectively.
In the H1 chart, the pair is being corrected downwards and has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.3914, 1.3888, and 1.3863 respectively.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, the convergence made EURJPY reverse and start a new rising correction, which has already reached the retracement of 38.2% and may continue trading towards the retracements of 50.0% and 61.8% at 133.41 and 134.38 respectively.
In the H1 chart, the situation is similar and confirms the scenario described above.
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.