GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the descending correction continues between 50.0% and 76.0% fibo at 1.2670 and 1.3040 respectively, with the former being a support level. After completing the pullback, the instrument may start another rising impulse to break the previous high at 1.3012 and then reach the key one at 1.3381.
In the H1 chart, after retesting 23.6% fibo, the pair was forced by the convergence to finish the previous descending wave and start moving upwards to reach the high at 1.3013. We should note that the current decline may transform into a proper descending wave with the possible targets at 38.2%, 50.0%, and 61.8% fibo at 1.2699, 1.2604, and 1.2507 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after falling and reaching 50.0% fibo at 121.55, the pair is moving upwards and has already reached 61.8% fibo. If EURJPY continues growing, it may reach 76.0% at 121.55. At the same time, MACD indicator is moving downwards, that’s why the price may yet resume falling towards the local support at 38.2% fibo (118.73).
In the H1 chart, after the pair reached 50.0% fibo, there was a convergence, which was followed by a retest of 61.8% fibo. Black Cross on MACD may indicate a new descending impulse towards 61.8% fibo at 118.75.