Fibonacci Retracements Analysis 02.12.2020 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the pair keeps developing the uptrend, aiming at the long-term high of 1.3482. After a correction in the form of a Triangle, the quotations escaped the pattern upwards. A breakaway of the high will let the quotations rise to the long-term level of 76.0% (1.3664), and later to the post-correctional extension range of 138.2-161.8% (1.3792-1.3980) Fibo. As long as there is a divergence forming, we may expect a pullback to the local support level of 1.3174.

On H1, the quotations have broken through the upper border of a correctional Triangle and are again consolidating before a leap to 1.3482. The growth to the high and a divergence might end in a pullback to 23.6% (1.3334), 38.2% (1.3241), 50.0% (1.3168), and 61.8% (1.3094) Fibo.

EURJPY, “Euro vs. Japanese Yen”

On H4, the market is developing a confident uptrend after a correction. By now, the impulse of growth has reached 76.0% Fibo and might later rise to the high of 127.07. Upon breaking the high, the quotations might rise to the medium-term level of 61.8% (128.65), and when it is broken in its turn, the price might proceed to the upper post-correctional extension range of 138.2-161.8% (129.15-130.40) Fibo. However, the quotations might still bounce off the high, and a wave of decline to 121.62 and 50.0% (120.74) might develop.

On H1, the quotations are rising to the post-correctional extension range of 138.2-161.8% (126.02-126.56) Fibo. Then they will proceed to the high of 127.07. We expect them to bounce off it and correct to the support level on 125.14.