GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the daily chart, after reaching 23.6% fibo, the correctional uptrend has stropped. Possibly, the pair may start a new descending impulse towards 38.2% and 50.0% fibo at 1.3166 and 1.2830 respectively. The key resistance remains at the high at 1.4250.
The H4 chart the correctional uptrend after the previous descending structure, which has already reached 50.0% fibo and may later continue towards 61.8% fibo at 1.3722. After that, the main scenario implies a further downtrend to break the low at 1.3412.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, EURJPY is forming a new impulse to the upside to extend the correction and has already reached 50.0% fibo. Later, this movement may continue to reach 61.8% and 76.0% fibo at 131.75 and 132.63 respectively. If the correction is over at the latter level, the asset may resume falling to reach the low. A breakout of the key support at 127.93 will lead to a test of the long-term 50.0% fibo at 127.87.
The H1 chart shows local divergence on MACD and the start of a new pullback. In this case, the correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 130.58, 130.15, and 129.98 respectively. The local support is at 128.33, while the resistance is the high at 131.28.