GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after rebounding from 50.0% fibo, GBPUSD is forming a new descending wave towards the low at 1.3572, which may be considered as the continuation of the mid-term correctional downtrend. The closest target is 38.2% fibo at 1.3419.
In the H1 chart, the asset is forming a short-term pullback after finishing the previous descending wave. In this case, the correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 1.3705, 1.3745, and 1.3777 respectively. At the moment, the price is testing the low at 1.3640, a breakout of which will lead to a further downtrend.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, after completing the correctional uptrend at 38.2% fibo, EURJPY is falling towards the low at 127.93. In this case, the pair is expected to break the low and continue trading downwards to reach 50.0% and 61.8% fibo at 127.87 and 126.40 respectively. The key resistance is the high at 134.12.
The H1 chart shows that the pair is correcting upwards after local convergence on MACD. The upside targets may be 23.6%, 38.2%, and 50.0% fibo at 128.59, 129.00, and 129.34 respectively.