GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotations tried to reach 50.0% (1.2856) Fibo and pulled back to 38.2%, which may be interpreted as the beginning of a short-term correction. The main resistance level is at 23.6% (1.3203). After the correction, we should expect a new wave of declining to 50.0% (1.2856) and 61.8% (1.2700).
On H1, a local correctional flat is forming around 38.2% Fibo. After the end of the local correction, we should expect a new impulse of growth to 38.2% (1.3116). The support is at the low of 1.2871.
EURJPY, “Euro vs. Japanese Yen”
On H4, the quotations have reached 61.8% Fibo but they are aimed at declining to 76.0% (117.55) and the low of 115.86. With the development of the downtrend, we should note a convergence forming on the MACD, warning us of a pullback approaching. The resistance is now at 38.2% (120.18).
On H1, we can see the EURJPY quotations test 61.8% in more detail. A local convergence hints on an upcoming pullback.