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GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is being corrected to the downside and has already reached the retracement of 50.0%. The next downside targets may be the retracements of 61.8% and 76.0% at 1.3959 and 1.3892 respectively. After finishing the correction, the instrument may start a new ascending impulse towards the local high at 1.4245 and then the long-term one at 1.4345.

The H1 chart shows more detailed structure of the current movement. The price is being corrected upwards; it has already reached the retracement of 38.2% and may continue growing up to the retracement of 50.0% at 1.4126. However, after breaking the low at 1.4009, the instrument may resume falling towards the short-term downside targets.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, the convergence made EURJPY reverse and start a new correction. However, the mid-term downtrend may yet continue if the price breaks the low at 128.94. In this case, the downside targets will be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 127.85 and 127.18 respectively. The current correction has reached the retracement of 23.6% and may continue towards the retracements of 38.2% and 50.0% at 132.22 and 133.24 respectively.

In the H1 chart, the pair is forming a short-term correction after completing a quick ascending impulse, which has already reached the retracement of 61.8%. The next downside target may be the retracement of 76.0% at 129.64.

RoboForex Analytical Department

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.