Fibonacci Retracements Analysis 02.12.2020 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the pair keeps developing the uptrend, aiming at the long-term high of 1.3482. After a correction in the form of a Triangle, the quotations escaped the pattern upwards. A breakaway of the high will let the quotations rise to the long-term level of 76.0% (1.3664), and later to the post-correctional extension range of 138.2-161.8% (1.3792-1.3980) Fibo. As long as there is a divergence forming, we may expect a pullback to the local support level of 1.3174.

On H1, the quotations have broken through the upper border of a correctional Triangle and are again consolidating before a leap to 1.3482. The growth to the high and a divergence might end in a pullback to 23.6% (1.3334), 38.2% (1.3241), 50.0% (1.3168), and 61.8% (1.3094) Fibo.

EURJPY, “Euro vs. Japanese Yen”

On H4, the market is developing a confident uptrend after a correction. By now, the impulse of growth has reached 76.0% Fibo and might later rise to the high of 127.07. Upon breaking the high, the quotations might rise to the medium-term level of 61.8% (128.65), and when it is broken in its turn, the price might proceed to the upper post-correctional extension range of 138.2-161.8% (129.15-130.40) Fibo. However, the quotations might still bounce off the high, and a wave of decline to 121.62 and 50.0% (120.74) might develop.

On H1, the quotations are rising to the post-correctional extension range of 138.2-161.8% (126.02-126.56) Fibo. Then they will proceed to the high of 127.07. We expect them to bounce off it and correct to the support level on 125.14.

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.