Fibonacci Retracements Analysis 24.07.2019 (GBPUSD, EURJPY)
GBPUSD
On H4 we can see that the first correcting wave of growth after a convergence reached 38.2% Fibo in relation with the previous descending trend. The new impulse for declining may be regarded as another wave of descending into the post-correctional extension area of 138.2-161.8% (1.2400 – 1.2335). However, if the impulse do not break the local minimum, a bonce may provoke the beginning of another wave of growth and the extension of the correction phase to 50.0% (1.2583) and 61.8% (1.2630).
On H1 it can be noted that the short-term downtrend has been corrected by growth to 38.2% Fibo. The correcting growth may go on to 50.0% (1.2488), 61.8% (1.2505) and 76.0% (1.2525). A breakthrough of the minimum at 1.2417 may signal further decline.
EURJPY
On H4 the pair demonstrates the end of the correction phase and stable development of the downtrend wave. The goals of the decline are: 76.0% (120.25) and the post-correction extension area 138.2-161.8% (119.80-119.20) Fibo. The resistance is at 61.8% (21.61).
On H1 a downtrend to 76.0% (120.25) Fibo is developing, forming a convergence.
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