Fibonacci Retracements Analysis 10.04.2019 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is still testing the retracement of 38.2%. Despite the correction, the current descending tendency may yet continue. The next downside targets are the retracements of 50.0% and 61.8% at 1.2890 and 1.2773. The resistance level is the high at 1.3381.

In the H1 chart, after finishing the local correction, the pair is trading downwards and has already reached the retracements of 61.8%. The next target is the retracement of 76.0% at 1.3019. If the price breaks the low at 1.2987, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2936 and 1.2904 respectively.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, the uptrend has reached the retracement of 61.8%. The next descending impulse will be heading towards the mid-term retracement of 50.0% at 122.73. The resistance level is the high at 127.50.

In the H1 chart, the divergence made the pair start a new decline towards the retracements of 38.2%, 50.0%, and 61.8% at 124.87, 124.64, and 124.40 respectively. The resistance level is the high at 125.62.