GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after completing the short-term pullback, GBPUSD has broken the local low; right now, it is still falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.2483 and 1.2431 respectively. The key downside target is at 1.2395. At the same time, there is a divergence on MACD, which may indicate a new correctional wave to the upside in the future. The resistance is at 1.2763.
In the H1 chart, the convergence made the pair start a new short-term rising correction, which has already reached 23.6% fibo. Possibly, the correction may yet continue towards 38.2% and 50.0% fibo at 1.2602 and 1.2631 respectively. However, if the price breaks the local low at 1.2506, the downtrend may continue.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after finishing the correction, EURJPY is trying to form a new descending wave to break the low 120.78 and reach 76.0% fibo at 120.25. After that, the instrument may form a new descending structure to reach the long-term low at 117.96.
In the H1 chart, the pair is nearing the low, but there is a convergence on MACD, which may indicate a new correction in the future. The possible targets of this correction may be 23.6%, 38.2%, and 50.0% fibo at 121.35, 121.70, and 121.98 respectively.
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.