Murrey Math Lines: GBP/USD, USD/JPY
|GBPUSD, “Great Britain Pound vs US Dollar”
At the H4 chart, the GBP/USD pair is expected to test the resistance at the 8/8 level at 1.3671 once again, rebound from it, and then continue falling towards the 5/8 one at 1.3305.
As we can see at the H1 chart, yesterday the price failed to fix below the 5/8 level at 1.3488, and, as a result, may test the 8/8 one at 1.3671 once again. If the price rebounds from this level, the first downside target will be at 1.3488 and the main one is at 1.3305.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see at the H4 chart, the USD/JPY pair has rebounded from the resistance at the 8/8 level at 112.50 and resumed falling towards the 5/8 one at 110.15.
At the H1 chart, the price is expected to be corrected towards 112.20 and then start another descending wave with the target at 110.15. However, if the price breaks the 7/8 level at 111.71, it may fail to start the above-mentioned correction.
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