Fibonacci Retracements Analysis 28.03.2018 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is forming a new ascending impulse inside the long-term uptrend. However, right now the price is forming a short-term descending correction, which has already reached the retracement of 38.2%. The next downside targets may be the retracements of 50.0% and 61.8% at 1.4012 and 1.3958 respectively. After breaking the local high at 1.4244, the instrument may continue growing towards the main resistance level at 1.4345. The closest support level is at 1.3781.

The H1 chart shows more detailed structure of the current movement. The closest downside target is the retracement of 50.0% at 1.4012.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, EURJPY is being corrected to the upside and has already reached the retracement of 23.6%. The next targets of the correction are the retracements of 38.2%, 50.0%, and 61.8% at 132.22, 133.22, and 134.22 respectively. The main support level is the local low at 128.94.

In the H1 chart, the pair is forming a short-term correction after completing a quick ascending impulse.

RoboForex Analytical Department