GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after rebounding from 50.0% fibo, GBPUSD is expected to form a short-term pullback to the downside, which may later be followed by a further mid-term correctional uptrend to break 61.8% fibo at 1.3991 and then reach 76.0% fibo at 1.4087. The support is the low at 1.3572.
The H1 chart shows a more detailed structure of the descending correction after local divergence on MACD, which has already reached 38.2% fibo. The next downside targets may be 50.0% and 61.8% fibo at 1.3757 and 1.3721 respectively. The resistance is the local high at 1.3913.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, convergence on MACD made the pair stop correcting upwards and start a new descending wave towards 50.0% and 61.8% fibo at 127.87 and 126.40 respectively. The resistance is the high at 134.12.
The H1 chart shows that after breaking 38.2% fibo but failing to reach 50.0% fibo at 131.02 due to divergence on MACD, the asset is moving downwards and has already reached 50.0% fibo. The next downside targets may be 61.8% and 76.0% fibo at 129.01 and 128.61 respectively. The local resistance is at 130.74.
