Fibonacci Retracements Analysis 13.03.2019 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is forming another descending impulse. After breaking the low at 1.2960, the price may continue falling towards the retracements of 50.0% and 61.8% at 1.2873 and 1.2762 respectively. The key resistance level is the high at 1.3350.

In the H1 chart, after finishing a quick descending movement, the pair has started a new correction. Right now, the price is trading between the support and the resistance levels at 1.2960 and 1.3288 respectively. In this case, the instrument is expected to break 1.3288 and then continue growing to reach the high at 1.3350. If the pair breaks the high as well, the price may continue the uptrend towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3396 and 1.3465 respectively.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, EURJPY is being corrected upwards. After finishing the correction and breaking the low at 124.27, the price may resume falling to reach the retracements of 38.2% and 50.0% at 123.85 and 122.73 respectively.

The H1 chart shows more detailed structure of the current correctional uptrend. The price is trading towards the retracements of 50.0% and 61.8% at 125.88 and 126.27 respectively.