Fibonacci Retracements Analysis 03.07.2019 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the current downtrend is moving towards the low at 1.2506. Note that the previous descending tendency has been corrected by 38.2%. In case the price rebounds from the support, which is next to the low, the correction may yet continue thanks to a new rising wave. The upside correctional targets may be the high at 1.2784 and 50.0% fibo at 1.2841.

In the H1 chart, the pair is being corrected downwards after completing another ascending wave. Right now, it is getting closer to 76.0% fibo at 1.2573. At the same time, there is a convergence on MACD, which may indicate a possible reverse upwards and a new growth towards the resistance at 38.2% fibo at 1.2678.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, the previous rising wave tested 38.2% fibo again, but couldn’t reach 50.0% fibo at 123.80. The current descending impulse is heading to break the low at 120.78 and then mid-term 76.0% fibo at 120.25.

In the H1 chart, the divergence made the pair start a new descending wave towards the low at 120.78.