The British pound/Japanese yen (GBP/JPY) currency pair is trading in a potential three-wave decline, labeled as a-b and c. We see Waves a and b completed, which means the current intraday drop lower can be Wave c. Ideally, Wave c will now reach even lower levels and later search for a base near the middle or lower channel line. The Fibonacci ratio of 100.0 can also act as a region of support and push price higher.
GBP/JPY, 1 hour
The New Zealand dollar/U.S. dollar (NZD/USD) currency pair is approaching some possible resistance and turning point zones, that can push price lower. We see the current rally as a temporary correction, that can search for a reversal near the 0.7253 level and make a new drop lower, into blue wave five.
NZD/USD, 1 hour