Article By RoboForex.com
GBP USD, “Great Britain Pound vs US Dollar”
At the H4 chart, the GBP/USD pair stopped consolidating and formed a new ascending impulse. After breaking the high, the price started moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3645 and 1.3702 respectively. Right now, the instrument may start a short-term pullback towards 1.3549. The main support level for the current uptrend is at 1.3301. One should also pay attention to the divergence.
As we can see at the H1 chart, the pair is moving inside the uptrend. Probably, after reaching its targets, the price may start another correction. The main targets of this correction are the retracements of 38.2% and 50.0% at 1.3561 and 1.3516 respectively.
EUR JPY, “Euro vs. Japanese Yen”
As we can see at the H4 chart, the EUR/JPY pair has formed a new ascending impulse. The current movement is heading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 135.76 and 136.56 respectively. One should also pay attention to the divergence, which may indicate a possible correction towards 134.49.
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At the H1 chart, the situation is similar and confirms the scenario described above.
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.
