Fibonacci Retracements Analysis 31.10.2018 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is trading towards the low at 1.2662. If the price breaks this level, it may continue moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2417 and 1.2270 respectively. At the same time, there is a convergence, which may indicate a possible short-term pullback.

In the H1 chart, there is a convergence, which may indicate a new pullback to the upside after the pair reaches the low at 1.2662. The possible targets are the retracements of 23.6%, 38.2%, and 50.0% at 1.2799, a.2882, and 1.2950 respectively.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, the convergence made EURJPY reverse and start a new correction to the upside, which has already reached the retracement of 23.6%. The next possible targets are the retracements of 38.2% and 50.0% at 129.11 and 129.87 respectively. The support level is at 126.63.

In the H1 chart, there is a divergence, which may indicate a possible pullback in the nearest future. The targets may be the retracements of 23.6%, 38.2%, and 50.0% at 128.08, 127.82, and 127.59 respectively.