Fibonacci Retracements Analysis GBP/USD, EUR/JPY
Dmitriy Gurkovskiy | Sep 09, 2020 11:46
GBP/USD
On D1, the quotations are developing a correctional phase after stepping over the long-term level of 61.8% and a divergence on the MACD. If we look at this movement as a correction of the whole preceding uptrend, then upon reaching 23.6% Fibo, the quotations will head for 38.2% (1.2688) and 50.0% (1.2446). After the pullback, another wave of growth to the current high 1.3482 will start and continue to the long-term level of 76.0% (1.3660).
On H4, there is a decline as a correction of the last wave of growth. By now, the market has dropped below 38.2% Fibo. The next levels of the correctional decline might be 50.0% (1.2868) and 38.2% (1.2722).
EUR/JPY
On H4, a correctional phase begins after the price tested the post-correctional extension range of 138.2-161.8% (126.38-127.59) and a divergence formed on the MACD. The wave of decline is nearing 38.2% (124.12) and may proceed to 50.0% (123.21) and 61.8% (122.29). The resistance is at the high of 127.07.
On H1, we may see the wave of decline to 38.2% (124.12) in more detail. We may also see a convergence on the MACD, which may signal the end of the decline. The reversal of the local trend may let the quotations rise to the post-correctional extension range of 138.2-161.8% (126.38-127.59) again.
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.