Fibonacci Retracements Analysis 07.07.2017 (GBP/USD, EUR/JPY)

GBP USD, “Great Britain Pound vs US Dollar”

As we can see at the H4 chart, the main uptrend still continues. That’s why, after breaking the local high at 1.3040, the price may continue moving towards the retracements of 138.2% and 161.8%. However, the closest target is at 1.3217.

At the H1 chart, after finishing the previous ascending impulse, the pair was corrected by 38.2%. the correction may yet continue to reach the retracement of 61.8% at 1.2832.

EUR JPY, “EUR vs. Japanese Yen”

At the H4 chart, the EUR/JPY pair probably completed the ascending impulse and may start a new correction to the downside. One of the closest targets of the current tendency will be at the retracement of 261.8% at 130.80. If the price rebounds from this level and reverses, the closest downside target will be at 122.38, which is the start of the current ascending impulse.

The H1 chart confirms the above-said. The pair reached the retracement of 261.8% at 130.80 and may complete the uptrend here. The most probably target of the correction may be at 126.57 (the retracement of 50%).

RoboForex Analytical Department