Fibo Analysis: GBPUSD and EURJPY, 27/03/2019

GBPUSD

On H4, the GBPUSD is still correcting after testing 50% Fibo, or $1.3386. The downtrend has currently reached 38.20% Fibo and may get further down to 50% (1.2890) and 61.80% (1,2774). Conversely, if the high at 1.3381 gets broken out, the price will be able to test 50% (1.3386) again and rise to 61.80% (1.3620).

On H1, the GBPUSD formed a correction uptrend that reached 61.80% Fibo. Most likely, the price will be now going to the low at 1.3004 in the short term.

EURJPY

On H4, the EURJPY reached the 38.20% Fibo downtrend target after correcting, with the next target lying at 50%, or 122.73. The high at 127.50 acts as a resistance.

On H1, the pair is finishing its correction near 50% Fibo. With 123.82 broken out, the downtrend may continue.