GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the situation hasn’t changed much. After finishing the uptrend and then reaching 23.6% fibo, GBPUSD is starting a short-term pullback, which may be followed by a further decline towards 38.2%, 50.0%, and 61.8% fibo at 1.3642, 1.3459, and 1.3273 respectively. A breakout of the high will result in a further uptrend towards the long-term fractal high at 1.4376.
The H1 chart shows an ascending correctional movement after a convergence on MACD, which has already reached 23.6% and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 1.3954, 1.4010, and 1.4064 respectively. A breakout of the low at 1.3778 will result in a further mid-term downtrend.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after entering the post-correctional extension area between 138.2% and 161.8% fibo at 129.16 and 130.43 respectively, EURJPY is forming the Triangle correctional pattern. Possibly, the price may complete this correctional movement by breaking the pattern to the upside. After that, the instrument may continue trading within the uptrend to reach 76.0% at 131.95.
The H1 chart shows a more detailed structure of the current correction. The first descending wave couldn’t reach 38.2% fibo at 128.11 but the rising structure that followed also failed to update the high at 129.98. In this case, the market may start a new decline to reach 50.0% and 61.8% fibo at 127.54 and 126.96 respectively.