Fibo Analysis for GBP/USD and USD/JPY: July 18, 2018
GBP/USD
On H4, the GBP/USD is correcting and range-trading. Once the low at 1.3049 gets broken out, the price may move to the post correctional extension of 138.20% to 161.80% Fibo, or 1.2931 to 1.2858. If a correctional uptrend goes ahead, the price may reach 38.20%, or 1.3555, and 50.00%, or 1.3712.
On H1, GBP/USD is forming a downtrend towards 1.3049, with the resistance being at the 1.3363 high.
EUR/JPY
On H4, the EUR/JPY uptrend has reached the 50.00% Fibo level. The price may continue rising to reach 61.80%, or 132.56, but the divergence is forming, which may signal a reversal is near. The next levels may lie at 23.60%, or 130.24, 38.20%, or 129.16, and at 50.0%, or 128.30.
On H1, the EUR/JPY is conforming a local divergence, which may be an additional reversal signal.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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