Fibonacci Retracements Analysis 28.11.2018 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is testing the local low and may break it. In this case, the pair may fall towards the mi-term support at 1.2662 and then enter the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2646 and 1.2597 respectively. The resistance is at 1.2927.

In the H1 chart, GBPUSD may be corrected towards the retracements of 23.6%. 38.2%, and 50.0% at 1.2773, 1.2802, and the 1.2826 respectively. If the price breaks the low at 1.2725, the downtrend may continue to reach its mid-term targets.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, EURJPY continues moving sideways. Hence, the pair may break both the resistance and the support. In case it breaks the high at 129.23, the price may start a new ascending impulse towards 130.15. However, if the price breaks the support at 127.50, the instrument may fall to reach the key low at 126.63, which is inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 126.84 and 126.43 respectively.

In the H1 chart, the pair is still forming the ascending impulse towards the local high at 128.91. If the price breaks it, the instrument will continue growing to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 129.13 and 129.27 respectively. The support level is at 128.35.