Article By RoboForex.com
GBP USD, “Great Britain Pound vs US Dollar”
At the H4 chart, the GBP/USD pair completed the convergence and then the price reversed to the upside. By now, the previous trend has been corrected by 23.6%. The next targets of the current ascending correction may be the retracements of 38.2%, 50.0%, and 61.8% at 1.2963, 1.3020, and 1.3080 respectively.
At the H1 chart, the situation is similar.
EUR JPY, “Euro vs. Japanese Yen”
As we can see at the H4 chart, after being corrected to the downside by 50.0% and forming the convergence, the EUR/JPY pair has started forming a new ascending impulse. The closest upside target is the local high at 131.387. After breaking this level, the price may continue moving towards the post-correctional extension area between the retracements of 138.2% – 161.8% (132.853 – 133.767).
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At the H1 chart, the pair is steadily moving inside the uptrend and starting a new local correction within it. The closest targets of this correction may be the retracements of 38.2% and 50.0% at 129.767 and 129.483 respectively. The upside target is the local high at 131.387.
RoboForex Analytical Department
Article By RoboForex.com
Attention!
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.
