Analysis of GBP / USD pair - Divergences on August 23. The pound sterling has completed a corrective rollback Analysis of

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The GBP / USD pair reversed in favor of the US dollar without the formation of a bearish divergence or rebound on the 4-hour chart. As a result, the drop in quotations could be continued on August 23 in the direction of the correction level of 261.8% at 1.2638. Brewing divergences are also not notice today. or a more accurate picture of what is happening, go to the lower time frame chart.

The Fibo grid was established on boundaries from March 1, 2018 and April 17, 2018.

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On the hourly chart, the pair executed a reversal in favor of the US currency after the formation of a bearish divergence in the MACD indicator and fixation under the correction level of 38.2% at 1.2872. As a result, the drop in quotations can be continued in the direction of the next correction level of 23.6% at 1.2791. Fixing the rate of the pair above the Fibo level of 38.2% will work in favor of the British currency and the resumption of growth towards the correction level of 50.0% at 1.2937.

The Fibo grid was established on boundaries from July 26, 2018 and August 15, 2018.

Recommendations for traders:

Purchases of the GBP / USD pair will be possible with the target of 1.2937 and a stop loss order under the correction level of 38.2% if it closes above the Fibo level of 1.2872 on the hourly chart.

Sales of the GBP / USD pair can now be carried out with the target of 1.2791 and a Stop Loss order above the correction level of 38.2%, as there was a close under the Fibo level of 1.2882.

The material has been provided by InstaForex Company - www.instaforex.com