Fibonacci Retracements Analysis GBP/USD, EUR/JPY

Fibonacci Retracements Analysis GBP/USD, EUR/JPY

Dmitriy Gurkovskiy  | Sep 30, 2020 10:38

As we can see in the H4 chart, after a rebound from 38.2% fibo and a local convergence on MACD, GBP/USD is growing towards 23.6% fibo, which may be a signal in favor of a new mid-term rising wave to reach the high at 1.3482. After breaking it, the pair may continue moving towards the long-term 76.0% fibo at 1,3661. However, despite the convergence and the current growth, the asset may yet update the low and reach 50.0% fibo at 1.2445.
The H1 chart shows a more detailed structure of the current pullback after the convergence on MACD. After reaching 23.6% fibo, the pair is consolidating around this level. If later the price breaks this range to the upside, the market may continue growing towards 38.2%, 50.0%, and 61.8% fibo at 1.2983, 1.3078, and 1.3174 respectively. The support is the high at 1.2675.
As we can see in the H4 chart, after rebounding from the support at 38.2% fibo, EUR/JPY has returned to 23.6% fibo, which may be a signal in favor of a possible growth. However, as long as the price is moving below the high at 127.08, it’s only an assumption. The asset may reach the long-term 61.8% fibo at 128.65 only after breaking the above-mentioned peak. Despite a quick correctional wave to the upside, the pair may yet start a new decline towards 50.0% fibo at 121.20.
In the H1 chart, the instrument has reached 38.2% fibo after the convergence on MACD. In the future, the pair may form a short-term pullback and then resume growing towards 50.0% and 61.8% fibo at 124.73 and 125.28 respectively. The support is the low at 122.38.

Dmitriy Gurkovskiy

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