Fibonacci Retracement Analysis 04.08.2021 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

On D1, there is correctional growth after another attempt to break through 23.6% Fibo. This growth might turn into a wave of growth, aiming at a breakaway of the high of 1.4250, but the bearish wave has not come to an end yet. A test of the high is likely to end in a bounce off it and a new wave of decline towards 38.2% (1.3419) and 50.0% (1.3161).

On H4, the uptrend inside the correction can be seen in more detail. The wave broke through 50.0% and tried to test 61.8% (1.3991) Fibo. A short-term pullback is temporary. Another impulse of growth towards 76.0% (1.4086) should follow. This level will be reached as the last phase of the ascending correction before another impulse of decline. Such an impulse will aim at breaking through the low of 1.3572 and reaching the medium-term goal of 38.2% (1.3419).

EURJPY, “Euro vs Japanese Yen”

On H4, the downtrend keeps developing. Another decline aims at the low of 128.60. Breaking through it, the quotations may reach the medium-term level of 50.0% (127.87) Fibo. However, while the low has not been broken yet, we should still keep the extension of the correction in mind. The main resistance is still the high of 134.12.

On H1, a descending movement is still developing after a divergence on the MACD. The quotations are testing 61.8%, and then they will head for 76.0% (129.07) Fibo and the low of 128.60. If the price bounces off the low, the new wave of growth, breaking through the current resistance of 130.56, will head for 38.2% (130.71) and 50.0% (131.37) to extend the correctional phase.

Article By RoboForex.com

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