Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, there was a convergence on MACD that made GBPUSD start a new correctional uptrend, which has already reached the retracement of 23.6%. In the future, the correction may continue towards the retracements of 38.2% and 50.0% at 1.3153 and 1.3386 respectively. At the same time, there is divergence on MACD, which may indicate a possible short-term pullback. The key support level is at 1.2397.
In the H1 chart, the pair has been corrected to the downside by 23.6%. If a new rising impulse fails to break the current high at 1.3000, the price may start a new descending wave towards the retracements of 38.2%, 50.0%, and 61.8% at 1.2770, 1.2699, and 1.2628 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is trading sideways between the retracements of 38.2% and 50.0%, but hasn’t reached the latter level yet. After breaking it, the instrument may continue growing towards the retracement of 61.8% at 127.34. The support level is still at 121.55.
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In the H1 chart, the pair is being corrected to the downside and has already reached the retracement of 23.6%. The next possible targets of this correction may be the retracement of 38.2% at 122.37. The local resistance is at 125.09.
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.
