Fibonacci Retracements Analysis 04.07.2017 (GBP/USD, EUR/JPY)

GBP USD, “Great Britain Pound vs US Dollar”

At the H4 chart, after being corrected by 50% and reaching 1.2578, the GBP/USD pair resumed moving upwards. The closest targets of this ascending movement are at 1.3220 and 1.3273 (extensions by 138.2% and 150% respectively).

As we can see at the H1 chart, the current ascending impulse stopped close to the previous highs and the pair is starting a new correction with the target at the retracements of 38.2% and 50% at 1.2870 and 1.2814 respectively.

EUR JPY, “EUR vs. Japanese Yen”

At the H4 chart, the ascending impulse is “dying out”, so the EUR/JPY pair may start a new correction to the downside. However, the main trend is still rising. One of the closest targets of the current tendency will be at the retracement of 261.8% at 131.30.

The H1 chart confirms the above-said as the pair is finishing the ascending impulse and starting a new correction. The targets if this correction are at 126.93 and 126.31 (retracements of 38.2% and 50% respectively).

RoboForex Analytical Department