Fibonacci Retracements Analysis 07.09.2016
The ascending correction on this chart has continued. The day before the price worked out a Fibonacci level 61.8%, and after that the current consolidation began. Therefore, if the bulls are able to break through this level in the near-term, the price can reach 78.6% Fibonacci level.
As we can see on 1-H chart, in the near-term there can be yet another testing of a correction level 23.6%. If the price rebounds from this level, it can resume rising and break through the high.
EUR GBP "Euro vs. Great Britain Pound"
As we anticipated, the cross-pair has rebounded from a group of Fibonacci levels at about 0.8350. As such, we can see an ascending correction develop with the Fibonacci level 61.8% as the nearest target.
At the same time, as we can see on 1-H chart, the price can face a strong resistance at the correction level 38.2%. Correspondingly, it is the price rebounding from Fibonacci level 38.2% and holding above it that will be the signal to continue rising.
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