GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after falling and reaching 76.0% fibo, the asset has rebounded to start a new correction to the upside. After completing this pullback, GBPUSD may form another descending wave to break the support at 1.3669 and then continue falling towards 38.2% and 50.0% fibo at 1.3643 and 1.3457 respectively. An alternative scenario implies that the correction may transform into a rising wave to reach 1.4250 and 1.4376 but it’s very unlikely.
The H1 chart shows a correctional uptrend after a convergence on MACD, which has already reached 38.2% fibo and may later continue towards 50.0%and 61.8% fibo at 1.4018 and 1.4073 respectively. The local support is 1.3786, a breakout of which may complete the correction.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, after finishing a quick correctional wave to the downside, which, after breaking 23.6% fibo, failed to reach 38.2% fibo at 129.35, EURJPY has started a new growth that may transform into a proper rising wave. If the asset fails to reach and break the high at 134.12, the pair may start a new decline to break the support at 130.04 and then continue falling towards 38.2% and 50.0% fibo at 129.35 and 127.88 respectively. At the same time, a breakout of the current high will result in a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 135.67 and 136.64 respectively.
As we can see in the H1 chart, the asset is correcting upwards after a convergence on MACD. It has already reached 50.0% fibo and may later continue growing towards 61.8% and 76.0% fibo at 132.55 and 133.14 respectively. However, the key upside target is the high at 134.12. The support is the low at 130.04.