GBP/USD, EUR/JPY Fibonacci Retracement Analysis

GBP/USD

As we can see in the H4 chart, a local pergence on MACD made GBP/USD finish the correctional uptrend, which has corrected the previous descending wave by 50.0%. there is a possibility of another rising impulse towards 61.8% fibo at 1.3174 but this scenario is rather unlikely. The key resistance is the high at 1.3482. The main scenario implies further decline to break the low at 1.2675 and then reach the long-term 50.0% fibo at 1.2445.

GBPUSD_H4

In the H1 chart, the asset has reached 38.2% fibo after a local pergence on MACD and right now it is heading towards 50.0% fibo at 1.2879. Later, the market may continue falling to reach 61.8% and 76.0% fibo at 1.2831 and 1.2773 respectively but the key downside target is the low at 1.2675. The resistance is the local high at 1.3083.

GBPUSD_H1

EUR/JPY

As we can see in the H4 chart, after breaking 50.0%, the correctional uptrend has failed to reach 61.8% fibo at 125.28. At the moment, after a local pergence on MACD, EUR/JPY is starting another mid-term descending wave towards the low at 122.38. If later the price breaks this level, the asset may continue falling to reach 50.0% and 61.8% fibo at 121.21 and 119.83 respectively.

EURJPY_H4

The H1 chart shows a new decline after a pergence on MACD. After falling and reaching 50.0% fibo, the asset is about to rebound. After completing the pullback, the instrument may continue falling towards 61.8% and 76.0% fibo at 123.41 and 123.03 respectively, and then the low at 122.38. The local resistance is the high at 125.08.

EURJPY_H1

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