Fibonacci Retracements Analysis 27.05.2020 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we see in the H4 chart, after failing to 50.0% fibo at 1.2030, the descending correctional wave has transformed into a rising channel, which may still be considered as a pullback. The key upside target in the nearest future may be the high at 1.2648. After breaking it, the pair may continue growing towards the next target at 50.0% fibo (1.2892). However, as long as the price is moving below the high, there is a possibility of one more descending wave to reach 50.0% and 61.8% fibo at 1.2030 and 1.1881 respectively.

The H1 chart shows a new ascending correction after the convergence on MACD, which has already reached 50.0%. After a slight local pullback, the pair may continue growing towards 61.8% and 76.0% fibo at 1.2424 and 1.2505 respectively. The support is the low at 1.2072.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, EURJPY has stopped its rising movement at 50.0% fibo at 118.63. the curet pullback may get the price back to 23.6% fibo. However, after completing the pullback, the asset may start a new ascending impulse towards 50.0% and 61.8% fibo at 118.63 and 119.63 respectively. The support is the low at 114.40.

The H1 chart shows that after reaching the high at 118.52, the instrument has started a new pullback. The downside targets are 50.0% and 61.8% fibo at 116.92 and 116.55 respectively.