Fibonacci Retracements Analysis 13.07.2017 (GBP/USD, EUR/JPY)

GBP USD, “Great Britain Pound vs US Dollar”

As we can see at the H4 chart, the main uptrend slowed down a little bit. However, in the mid-term the GBP/USD pair may try to reach the retracements of 138.2% at 1.3220.

At the H1 chart, after finishing the previous ascending impulse and reaching 1.3038, the pair was corrected by 50% and then started a new ascending impulse. If the price breaks 1.3038, it may yet continue growing to reach the retracements of 138.2% and 150%, which are the extension indicating that the ascending tendency may yet continue.

EUR JPY, “Euro vs. Japanese Yen”

At the H4 chart, the EUR/JPY pair is forming the divergences, which show a possible reverse in the mid-term. To confirm this scenario, the price has to reach the retracement of 23.6% at 126.93 and fix below it. Later, the pair is expected to move towards more significant retracements of 38.2%, 50%, and 61.8% at 124.70, 122.80, and 120.94 respectively.

As we can see at the H1 chart, the pair is forming the divergence. Such scenario implies that after forming the ascending impulse from 122.39 to 130.76, the tendency may reverse and the price may be corrected to the downside. Right now, the pair is moving towards 128.64, which is the correction by 23.6%. at 128.02, the price may reverse, thus completing both the local growth and the long-term uptrend.

RoboForex Analytical Department