Fibonacci Retracements Analysis 05.10.2017 (GBP/USD, EUR/JPY)

GBP USD, “Great Britain Pound vs US Dollar”

At the H4 chart, the downtrend continues. The GBP/USD pair has reached the retracement of 50.0% and may continue falling towards the retracements of 61.8% and 76.0% at 1.3110 and 1.2985 respectively. One of the possible scenarios implies that after reaching one of its downside targets, the price may reverse or start an ascending correction. The resistance level is close to the local high at 1.36575.

As we can see at the H1 chart, the pair is falling towards the retracement of 61.8% at 1.3110 and may continue the correction. The targets of this correction may be inside the area between the retracements of 23.6% and 76.0% at 1.3242 and 1.3524 respectively. If the pair fixes above this area, it will continue forming the ascending impulse

EUR JPY, “Euro vs. Japanese Yen”

As we can see at the H4 chart, after forming the divergence, the EUR/JPY pair has started a new correction. The closest targets of the correction may be the retracement of 23.6% and 38.2% at 129.80 and 126.95 respectively. However, the price may yet reach the high at 134.40. if the price breaks it, the instrument may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 135.36 and 135.97 respectively.

At the H1 chart, the pair may continue the current correction to the upside to reach the retracements of 61.8% and 76.0%. If the price breaks the local low at 131.75, the instrument may reach the retracement of 61.8% at 131.28.

RoboForex Analytical Department