GBPUSD, “Great Britain Pound vs US Dollar”
The H4 chart shows a new descending correction after the divergence on MACD. By now, GBPUSD has already reached 38.2% fibo. The local convergence is pushing the pair upwards for a short-term pullback. After completing the pullback, the market may resume falling towards 50.0% and 61.8% fibo at 1.2111 and 1.1946 respectively. The resistance is the high at 1.2813.
The H1 chart shows the first rising impulse within a short-term correction, which has already reached 23.6% fibo. Later, it may continue moving towards 38.2% and 50.0% fibo at 1.2466 and 1.2532 respectively. If the price breaks the support at 1.2252, the instrument may continue the mid-term downtrend.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after completing the descending wave at 50.0% fibo, EURJPY is finishing the ascending correction. The next descending impulse may be heading towards 61.8% fibo at 118.79. After finishing the pullback, the instrument may start a new rising wave towards the mid-term 50.0% fibo at 125.94 but only after breaking the high at 124.43.
The H1 chart shows a more detailed structure of the correctional uptrend. After reaching 38.2% fibo, the correction may continue towards 50.0% fibo at 121.86. However, the local divergence may indicate that the correction may slow down and be over soon. If the price breaks the low at 119.31, it may resume the descending tendency.