Fibonacci Retracements Analysis 10.08.2017 (GBP/USD, EUR/JPY)

GBP USD, “Great Britain Pound vs US Dollar”

As we can see at the H4 chart, the previous ascending impulse has been corrected by 38.2%. Right now, the GBP/USD pair is falling towards the retracement of 50% at 1.2928. After breaking it, the price may continue growing towards the retracement of 61.8% at 1.2849.

At the H1 chart, the pair formed the convergence, which indicated a possible correction. By now, the previous descending impulse has been corrected by 23.6%. the correction may yet continue and reach the retracements of 38.2% and 50% at 1.3073 and 1.3105 respectively. The most probable short-term scenario implies that the price may break the local low and fall towards the retracements of 138.2% and 161.8% at 1.2929 and 1.2905 respectively.

EUR JPY “Euro vs Japanese Yen”

As we can see at H4 chart, the EUR/JPY pair has formed the divergence, fell towards 128.44, and rebounded from it. By now, the ascending impulse has been corrected by 23.6%. The next target of the correction is the retracement of 38.2% at 127.95.

At the H1 chart, the downtrend continues. The previous short impulse has been corrected by 38.2%. The next upside targets of the correction may be at 129.65 and 129.94. However, the main downtrend continues. The next targets of the descending tendency may be the retracements of 138.25 and 161.8% (most likely at 127.87.

RoboForex Analytical Department