Fibonacci Retracements Analysis 24.10.2018 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is being corrected downwards and has already tested the retracement of 50.0% for the second time. The next downside targets may be the retracements of 61.8% and 76.0% at 1.2906 and 1.2815 respectively. The main target is the support level at 1.2662.
In the H1 chart, the convergence made the pair reverse and form another pullback, which has reached the retracement of 38.2% at 1.3050. A new descending impulse is heading towards the current low at 1.2936. If the price breaks it, the instrument may continue falling to reach its mid-term downside targets.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is trading downwards to reach the retracements of 61.8% and 76.0% at 128.04 and 126.88 respectively. At the same time, the convergence is being formed, which may indicate a possible correction in the future.
The H1 chart shows more detailed structure of the current decline.
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