Fibonacci Retracements Analysis 08.05.2019 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the convergence made GBPUSD start a new correctional uptrend, which has already reached the retracement of 61.8% at 1.3184. In the nearest future, the price may start a short-term pullback. After that, the pair may continue growing towards the retracement of 76.0% at 1.3256 and the high at 1.3381. The support level is the low at 1.2865..

In the H1 chart, the divergence made the price start a new correction downwards, which has already reached the retracement of 50.0%. The next downside targets may be the retracements of 61.8% and 76.0% at 1.3008 and 1.2970 respectively. However, if the pair breaks the high at 1.3176, the uptrend will continue.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, EURJPY is trading downwards and getting closer to the retracement of 50.0% at 122.73. The next target may be the retracement of 61.8% at 121.61. At the same time, there is a convergence on MACD, which may indicate a possible pullback.

In the H1 chart, there is a convergence on MACD, which may indicate a new pullback after the pair reaches the retracement of 50.0% at 122.73. The targets of this pullback may be the retracements of 38.2%, 50.0%, and 61.8% at 123.69, 123.99, and 124.28 respectively.