Fibonacci Retracements Analysis 29.09.2017 (GBP/USD, EUR/JPY)

GBP USD, “Great Britain Pound vs US Dollar”

At the H4 chart, the downtrend continues. The mid-term targets of this downtrend may be the retracements of 23.6% and 38.2% at 1.3263 and 1.3112 respectively. The short-term ones are the retracements of 38.2%, 50.0%, and 61.8% at 1.3322, 1.3215, and 1.3114 respectively. The resistance level is close to the local high at 1.3656.

As we can see at the H1 chart, after finishing the convergence, the pair started a new correction and has already reached the retracement of 23.6%. The next upside targets of this correction may be the area between the retracements of 38.2% and 61.8%. However, the main tendency is still bearish.

EUR JPY, “Euro vs. Japanese Yen”

As we can see at the H4 chart, the EUR/JPY pair has already been corrected to the downside by 50.0%. The next targets of the correction may be the retracement of 61.8% at 131.28. After completing this correction and breaking the local high at 134.40, the price may reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 135.35 and 136.00 respectively. If the instrument breaks the psychologically-crucial level at 130.00, the correction may continue with the closest targets at the retracements of 23.6% and 38.2% at 129.80 and 126.94 respectively.

At the H1 chart, the pair is being corrected to the upside and has already reached the retracement of 38.2%. The next targets are inside the area between the retracements of 50.0% and 76.0% at 133.06 and 133.75 respectively.

RoboForex Analytical Department