Fibonacci Retracements Analysis 01.04.2020 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the daily chart, GBPUSD is correcting the previous descending wave and trying to fix above the low at 1.1958; by now, the pair has stopped its growth not far from the resistance at 61.8% fibo (1.2550). If the price rebounds from this level, the instrument may resume falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.1365 and 1.0996 respectively. However, if the price breaks 61.8% fibo at 1.2550, it may grow to attach the high at 1.3510.
In the H1 chart, the local convergence made the pair start a new correction. The support is at 38.2% fibo (12092). After completing the pullback, the pair may resume growing to reach 61.8% and 76.0% fibo at 1.2510 and 1.2764 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY has failed to break the highs despite an attempt to fix above the resistance at 38.2% fibo (120.19). Right now, the price is returning to towards 76.0% fibo at 117.55. If later the pair breaks this level, the instrument may continue falling to reach the low at 115.86.
In the H1 chart, the pair is trading downwards to reach 61.8% and 76.0% fibo at 118.03 and 117.32 respectively. At the same time, there is a convergence on MACD, which may indicate a possible pullback or reversal. The resistance is the local high at 121.14.