Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is falling after a divergence and getting closer to 38.2% fibo at 1.2690. This level supported the asset earlier, that’s why it may form a local consolidation range or start a pullback here. After completing the correction, the next descending impulse may be heading towards 50.0% and 61.8% fibo at 1.2446 and 1.2200 respectively. The resistance is the long-term 50.0% fibo at 1.3243.
In the H1 chart, there is a convergence on MACD, which confirms a possible pullback. Here, the pair may break 38.2% fibo at 1.2690 and continue falling to test 50.0% fibo at 1.2446. After that, the instrument may rebound and even form a new ascending wave towards the high at 1.3482.
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EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after a breakout of 50.0% fibo and a divergence on MACD, EURJPY is still correcting to the downside and has already reached 38.2% fibo and rebounded from it. Possibly, the pair may trade sideways around this level but after finishing this short-term correction it is expected to resume falling towards 50.0% and 61.8% fibo at 121.19 and 119.83 respectively. The resistance is the high at 127.08.
In the H1 chart, the pair was stopped at 38.2% fibo by the convergence on MACD, which may indicate a possible pullback. In this case, the instrument is expected to fall towards 50.0% fibo at 121.19, rebound from it, and then start a new correction to the upside. The targets are 23.6%, 38.2%, and 50.0% fibo at 122.43, 123.20, and 123.83 respectively.
Article By RoboForex.com
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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