GBPJPY long view
GBPJPY chart: we're watching the pullbacks. We set the first Fibonacci from the high value to the lower value of the pullback. Then, we follow the new bullish consolidation up to the target of the 1.618% Fibonacci level. After that we have the second pullback, which was shorter by about 340 pips.
We set the second Fibonacci from the high to the new low. The result is the same, and we climb again to the 1.618% Fibonacci level and form a new high there. From there, we move into the third pullback, which was around 320 pips.
We set the third Fibonacci from the high to the new low. Based on the previous two examples, we expect to see GBPJPY again at the 1.618% Fibonacci level around 195.50.
We set the second Fibonacci from the high to the new low. The result is the same, and we climb again to the 1.618% Fibonacci level and form a new high there. From there, we move into the third pullback, which was around 320 pips.
We set the third Fibonacci from the high to the new low. Based on the previous two examples, we expect to see GBPJPY again at the 1.618% Fibonacci level around 195.50.
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