Fibonacci Retracements Analysis 19.05.2021 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the pair continues growing towards the high at 1.4241. At the same time, despite a stable uptrend, there is a divergence on MACD, which may indicate a possible pullback after GBPUSD reaches its target level. A breakout of the local high at 1.4241 will lead to a further uptrend to reach the long-term high at 1.4376. An alternative scenario implies that the price may rebound from the high due to a divergence and resume falling to reach 38.2%, 50.0%, and 61.8% fibo at 1.3643, 1.3459, and 1.3273 respectively.
The H1 chart shows a more detailed structure of the current growth and a divergence on MACD, as well as potential correctional targets, which are 23.6%, 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1.4106, 1.4022, 1.3955, 1.3887, and 1.3806 respectively.
EURJPY, “Euro vs. Japanese Yen”
The H4 chart shows possible correctional targets after a divergence on MACD – 23.6%, 38.2%, 50.0%, and 61.8% fibo at 133.74, 131.45, 129.57, and 127.69 respectively.
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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.