Fibo Analysis: GBP/USD and USD/JPY, 26.09.2018

GBP/USD

On H4, the GBP/USD is pulling back inside the uptrend being formed. The trend came to 38.2% Fibo (1.3316), then the price diverged and start correcting in the short term against the rising impulse. When the correction is over, the price is likely to go up again to reach 50% Fibo (1.3518).

On H1, the GBP/USD is correcting, with the correction trend having achieved 38.20% Fibo, and it may continue to 50.00% (1.3043) and 76.00% (1.2909). However, if the high at 1.3298 gets broken out, the price may attack the post correctional extension at 138.20%-161.80%, or 1.3389-1.3447.

EUR/JPY

On H4, the EUR/JPY, after hitting the high, reached the post correctional extension between 138.20%-161.80% Fibo, or 132.00-132.73 yens. The local support is at 130.85, the long term one is at 127.86.

On H1, the EUR/JPY is forming a correctional downtrend. The price reached 38.20% Fibo, and may then go down to 50.00%, or 131.62, 61.80%, or 131.26, and 76.00%, or 130.85. The resistance is at the 133.13 high.