GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, after breaking its consolidation range to the upside, GBPUSD is forming a steady rising impulse, which may be heading to reach the local and key highs at 1.4241 and 1.4376 respectively. However, there might be another scenario implying a new descending wave, which is confirmed by a divergence on MACD. If it happens, the asset will continue falling to reach 38.2%, 50.0%, and 61.8% fibo at 1.3643, 1.3459, and 1.3273 respectively.
The H1 chart shows the short-term correctional targets after a divergence on MACD – 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1.4049, 1.3977, 1.3918, and 1.3859 respectively. On the other hand, a breakout of the current high at 1.4166 will lead to a further uptrend.
EURJPY, “Euro vs. Japanese Yen”
In the daily chart, EURJPY is still trading not far from the long-term 76.0% fibo. A further test of this level and a divergence on MACD may hint at a possible correctional decline soon with the short-term target at the support at 61.8% fibo (128.69). After finishing the correction, the instrument may form a new rising impulse towards the high at 137.50.
The H4 chart shows possible correctional targets after a divergence on MACD – 23.6%, 38.2%, and 50.0% fibo at 129.96, 128.37, and 127.07 respectively. The resistance is the high at 132.53.
