GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the daily chart, the asset continues moving around 23.6% fibo; this movement may be considered as a mid-term local consolidation within the correctional phase. Later, the market may break this consolidation range to the downside and reach 38.2% and 50.0% fibo at 1.3419 and 1.3161 respectively. The key resistance is the high at 1.4250.
The H4 chart shows that after attempting to test the low at 1.3572, the asset is forming a rising wave to extend the correctional phase. The next upside targets are 61.8% and 76.0% fibo at 1.3991 and 1.4087 respectively. On the other hand, a breakout of the low will lead to a further downtrend towards the mid-term target, which is 38.2% fibo at 1.3419.
EURJPY, “Euro vs. Japanese Yen”
The H4 chart shows a steady descending tendency. At the same time, we can see a possible test of 50.0% fibo at 127.87 and convergence on MACD. Both these factors may indicate a correctional uptrend in the nearest future. After the correction, the asset may resume falling towards 61.8% fibo at 126.40. The resistance is the high at 134.12.
As we can see in the H1 chart, local convergence on MACD made the asset start a new correctional uptrend towards 38.2% fibo. The next upside targets may be 50.0% and 61.8% fibo at 129.25 and 129.55 respectively. On the other hand, a breakout of the local low at 127.93 will lead to a further downtrend. The resistance is the fractal high at 130.56.
