Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has reached the retracement of 23.6% and right now is still being corrected upwards. After breaking the previous high, the price is trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3143 and 1.3203 respectively. The support level is at 1.2785.
In the H1 chart, the divergence made the pair start a new downtrend, which has already reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2% and 50.0% at 1.2925 and 1.2785 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after being corrected downwards by 50.0%, EURJPY has started a new rising impulse, which is heading towards the high at 130.86. If the price breaks the high, the instrument may continue growing to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 132.00 and 132.70 respectively. However, in case the pair decides to continue its decline, the target will be the retracement of 61.8% at 127.20.
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In the H1 chart, the convergence made the pair reverse and start a new rising correction, which has already reached the retracement of 61.8%. The next upside targets may be the retracements of 76.0% at 130.13.
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.
