Fibonacci Retracements Analysis GBP/USD, EUR/JPY
Dmitriy Gurkovskiy | Sep 02, 2020 12:23
GBP/USD
On D1, the quotations renewed the last high and the long-term level of 61.8% Fibo. The impulse of growth that we see is aimed at 76.0% (1.3660). In such a confident trend, there is a local divergence forming,which might signal a pullback. The nearest goal of the decline may be the local support level at 50.0% Fibo (1.2895).
On H4, there is a pullback beginning after the growth and a divergence on the MACD. The nearest goal of the decline is 23.6% Fibo (1.3192). The next goals of the correctional decline might be 38.2% (1.3012) and 50.0% (1.2868). If the high at 1.3482 is broken away, this will signal the continuation of the uptrend.
EUR/JPY
On H4, the pair is renewing the high and is entering the post-correctional extension area of 138.2-161.8% Fibo (126.38-127.59)for the second time. Also, there is a divergence on the MACD, which may precede a correctional decline. The first goal of the correction will be 23.6% (125.24). The resistance is at 127.07.
On H1, the picture of the decline beginning after a divergence is more detailed. After the first wave reaches 23.6% (125.24), the next wave will aim at 38.2% (124.12), 50.0% (123.21), and 61.8% (122.28) Fibo. A breakaway of 127.07 will mean further growth.
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.