GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after falling and reaching 61.8% fibo, GBPUSD is correcting upwards. If this correctional uptrend is transformed into a proper rising wave, the price may grow to break the local high at 1.3749 and then reach the key resistance at 1.3834. However, the main scenario suggests that the asset may complete this correction and then resume falling towards 76.0% fibo and the low at 1.3302 and 1.3160 respectively.
The H1 chart shows a more detailed structure of the current correctional uptrend. By now, the ascending wave has already reached 38.2% fibo and may later continue towards 50.0% and 61.8% fibo at 1.3554 and 1.3600 respectively. The local support is the low at 1.3358.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the daily chart, EURJPY is forming a narrowing consolidation range around 38.2% fibo. Possibly, the asset may break the range to the downside and reach 61.8% fibo at 126.39. The resistance remains at the high at 134.12.
The H4 chart shows that the correctional uptrend, which has already tested 38.2% fibo and may later continue towards 50.0% and 61.8% fibo at 129.92 and 130.32 respectively. The local support is the low at 128.25, while the resistance is the high at 131.60.
