GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after testing the post-correctional extension area between 138.2% and 161.8% fibo at 1.2019 and 1.1786 respectively, GBPUSD is trading upwards and has already reached 38.2% fibo at 1.2423. The next upside targets may be 50.0% and 61.8% fibo at 1.2567 and 1.2710 respectively. The key support is at 1.1958.
In the H1 chart, the pair is slowing down on its way towards 38.2% fibo at 1.2423 because of the convergence on MACD, which may indicate a new correction soon. The target of this pullback may be 23.6% fibo at 1.2245.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, the convergence made EURJPY start a quick correctional uptrend, which is getting close to 50.0% fibo at 119.60. The next upside target may be 61.8% fibo at 120.49. The key support is the low at 115.86.
In the H1 chart, there is a divergence within the uptrend on MACD. After reaching 50.0% fibo at 119.60, the instrument is expected to start a new correction towards 23.6%, 38.2%, and 50.0% fibo at 118.71, 118.17, and 117.73 respectively.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.