Fibonacci Analysis for GBP/USD and EUR/JPY: July 25, 2018
GBP/USD
On H4, for GBP/USD we can see that after the convergence has been formed, the market is starting to form a correction uptrend. The targets of the correction uptrend may lie at Fibonacci levels of 23.6% (1.3291), 38.2% (1,3499) and 50.0% (1.3665). The low at 1.2957 is acting as a support.
On H1, GBP/USD is forming a local uptrend towards 1.3291. With due consideration of the developing convergence we can assume that there will be a pullback after the level of 1.3291 has been reached. The Fibonacci level of 50.0% may become the main target of the pullback.
EUR/JPY
On H4, for EUR/JPY we see that after the convergence the market has corrected the previous uptrend at Fibonacci level of 38.2%. Further the downtrend to 50.0% (129.32) and 61,8% (128.68) can be expected. The resistance is on the level of 131.98.
On H1, for EUR/JPY the convergence is forming which can be the signal for an upward correction. Its targets may be at the following Fibonacci levels: 23.6% (130.27), 38.2% (130.60), and 50.0% (130.86).
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.