Fibonacci Retracements Analysis 08.12.2021 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the situation hasn’t changed much over the past week. After attempting to test the long-term 38.2% fibo at 1.3166, the asset was moving upwards to reach 23.6% fibo 1.3345. At the moment, the price is falling again to test the low at 1.3194 and break it. However, one shouldn’t exclude a possibility of a rebound from the low and a new ascending wave. The key resistance remains at 1.3834.
The H1 chart shows a more detailed structure of the current consolidation range. If the asset fails to break the low, the rising correction may continue towards 38.2% and 50.0% fibo at 1.3438 and 1.3514 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after reaching 50.0% fibo, EURJPY is consolidating. Convergence on MACD may hint at a possible short-term pullback soon. After the pullback is over, the asset may resume falling towards 61.8% fibo at 126.40.
The H1 chart shows the upside correctional targets are 23.6%, 38.2%, and 50.0% fibo at 128.83, 129.71, and 130.44 respectively. The support is the low at 127.49.
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