GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after finishing the correction at 23.6% fibo, GBPUSD is forming another rising wave. If the price breaks the high at 1.3740, it may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1.3790 and 1.3980 respectively. However, an alternative scenario says that the pair may rebound from the high and start a new descending structure towards 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1.3310, 1.3189, 1.3067, and 1.2922 respectively.
In the H1 chart, the price is approaching the high for a test and a possible rebound. In the nearest future, the pair may start a local pullback, which may later be followed by a new growth towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3789 and 1.3860 respectively. However, a breakout of the local low at 1.3446 will lead to another mid-tern correctional wave.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is falling again after another divergence on MACD. Possibly, the pair may complete the correction and resume growing to break the mid-term 61.8% fibo at 128.65 and then continue moving to reach the post-correctional extension area between 138.2% and 161.8% fibo at 129.16 and 130.43 respectively. The key support is the fractal low at 121.62.
The H1 chart shows that the price is falling towards 23.6% fibo at 126.39. The next downside target may be 38.2% fibo at 125.71. A breakout of the local high at 127.49 will hint at further uptrend.
