Fibonacci Retracements Analysis 01.11.2017 (GBP/USD, EUR/JPY)

GBP USD, “Great Britain Pound vs US Dollar”

As we can see at the H4 chart, the current correction is taking too much time. The short-term target of the correction is the retracement of 61.8% at 1.3416. In order to continue the downtrend, the price has to break the local low at 1.3026. In this case, the closest targets will be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2877 and 1.2786 respectively.

At the H1 chart, the pair continues moving upwards. The targets of the current ascending impulse are inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3360 and 1.3409 respectively. After finishing the correction, the instrument may start a new descending impulse.

EUR JPY, “Euro vs. Japanese Yen”

As we can see at the H4 chart, the mid-term correction to the downside continues. We may assume that after breaking the high at 134.50, the EUR/JPY pair may grow towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 135.65 and 136.38 respectively. However, the descending correction may yet continue to reach the retracements of 61.8% and 76.0% at 131.28 and 130.57 respectively.

At the H1 chart, after finishing the descending impulse, the price has been corrected to the upside by 38.2%. The next targets of this ascending correction may be the retracement of 50.0%, 61.8%, and 76.0% at 132.96, 133.33, and 133.76 respectively.

RoboForex Analytical Department