Fibonacci Retracements Analysis 28.04.2021 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, the technical situation hasn’t changed much as GBPUSD is still testing the mid-term 23.6% fibo. In addition to that, the pair has failed to reach both the local and key (1.4241) highs, which means that the asset is about to start another wave to the downside. the closest target may be 38.2% fibo at 1.3643, while the next ones – 50.0% and 61.8% fibo at 1.3457 and 1.3237 respectively.

The H1 chart shows that after correcting to the upside and reaching 61.8% fibo at 1.4022, the asset couldn’t test or break it. Also, there was a local divergence on MACD, which made the pair start a new decline. By now, this descending wave has tested 50.0% fibo twice, while the next one may reach 61.8% and 76.0% fibo at 1.3799 and 1.3751 respectively. A breakout of the low at 1.3669 may lead to a further mid-term downtrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3540 and 1.3459 respectively.

EURJPY, “Euro vs. Japanese Yen”

In the H4 chart, a previous divergence couldn’t force the asset to fall, so the pair, after breaking the high at 130.98, is heading to reach the long-term 76.0% fibo at 131.95. However, this is another divergence on MACD, so the instrument should be ready for a new correction towards the local support at 61.8% fibo (128.67).

The H1 chart shows a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 131.57 and 132.13 respectively.

Article By RoboForex.com

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