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GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the convergence made GBPUSD reverse after falling and reaching 50.0%, and rebound towards 38.2% fibo. However, this growth shouldn’t be considered as reverse as long as the price is moving below the resistance at 23.6% fibo (1.3203). At the same time, one can’t exclude a possibility of a new decline towards 61.8% fibo at 1.2700.
The H1 chart shows a rising pullback after the downtrend, which has already reached 23.6% fibo and may continue towards 38.2% and 50.0% fibo at 1.3103 and 1.3182 respectively. If the price breaks the support (the low at 1.2848), the mid-term descending tendency will continue.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after the pair had corrected to the downside by 61.8%, there was a convergence that made EURJPY start a new rising impulse, which has already risen towards 61.8% fibo. The current short-term decline may be considered as a pullback before a new ascending impulse; the upside targets may be 76.0% fibo at 121.81 and the high at 122.87. Later, the market may break the high and continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 124.55 and 125.57 respectively.
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The H1 chart shows a new correction to the downside, which has already reached 61.8% fibo and may yet continue towards 76.0% fibo at 119.17. Anyway, after the pullback is over, the instrument is expected to resume growing to reach the local high at 121.40.
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.