Fibonacci Retracements Analysis 07.11.2018 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has already reached the retracement of 76.0%. In case the uptrend continues, the target will be at 1.3257. In addition to that, one should note that the key mid-term correctional target will be the retracement of 38.2% at 1.3315.

In the H1 chart, there is a divergence, which may indicate a new pullback to the downside. The possible targets are the retracements of 23.6%, 38.2%, and 50.0% at 1.3042, 1.2974, and 1.2921 respectively. The resistance level is the high at 1.3148.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, the correctional uptrend has reached the retracement of 50.0%. The next possible targets are the retracements of 61.8% and 76.0% at 130.64 and 131.57 respectively. The support level is the low at 126.63.

In the H1 chart, there is a divergence, which may indicate a short-term tendency reverse. The correctional downside targets may be the retracements of 23.6%, 38.2%, and 50.0% at 129.35, 129.02, and 128.75 respectively.