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Fibonacci Retracements Analysis 01.12.2021 GBPUSD, EURJPY

GBPUSD, Great Britain Pound vs US DollarAs we can see in the H4 chart, after failing to test the longterm 38.2 fibo at 1.3166, the asset is forming a new pullback to the upside. However, it doesnt mean that the descending tendency is over. Convergence on MACD is another signal in favour of the ascending correction. A breakout of the local low at 1.3194 will lead to a further downtrend towards the longterm target. The key resistance is at 1.3834.The H1 chart shows a more detailed structure of the current growth towards 23.6 fibo at 1.3345. After a slight pullback, the correctional uptrend may continue to reach 38.2 and 50.0 fibo at 1.3438 and 1.3514 respectively.EURJPY, Euro vs. Japanese YenThe daily chart shows that after falling and reaching 50.0 fibo, EURJPY is correcting upwards. After the pullback is over, the asset may continue falling towards 61.8 fibo at 126.40. Later, the market may start a new uptrend to reach the high at 134.12.As we can see in the H4 chart, after testing and breaking the midterm 50.0 fibo, EURJPY is correcting upwards; right now, it is approaching 23.6 fibo at 128.90 and may later continue towards 38.2 and 50.0 fibo at 129.78 and 130.48 respectively. The support is the low at 127.49.

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