Fibonacci Retracements Analysis 01.09.2017 (GBP/USD, EUR/JPY)

GBP USD, “Great Britain Pound vs US Dollar”

At the H4 chart, the GBP/USD pair is being corrected to the upside. By now, the correction has already reached the retracement of 38.2%. The next targets of the current ascending correction may be the retracements of 50.0% and 61.8% at 1.3021 and 1.3079 respectively. But it may happen only after the price breaks the local high at 1.2965. However, if the correction ends at the current levels, the next downside target will be close to the local low at 1.2775.

As we can see at the H1 chart, after forming the convergence, the pair has been corrected to the downside by 61.8%. If later the price breaks the local high, the instrument may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3021 and 1.3055 respectively.

EUR JPY, “Euro vs. Japanese Yen”

As we can see at the H4 chart, the EUR/JPY pair is being corrected to the downside. By now, the correction has already reached the retracement of 23.6%. The next targets of this correction may be the retracements of 38.2% and 50.0% at 130.22 and 129.76 respectively. After finishing the correction, the price may continue growing towards the post-correctional extension area between the retracements of 138.2% – 161.8% (132.86 – 133.78).

At the H1 chart, after completing the uptrend and forming the divergence, the pair is being corrected to the downside. The closest targets of this correction may be the retracements of 38.2% and 50.0% at 130.22 and 129.76 respectively.

RoboForex Analytical Department