Analysis of GBP / USD Divergences for September 11. The pair has reached a level of strong resistance

4h

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The currency pair GBP / USD on the 4-hour chart reversed in favor of the pound sterling without the formation of any signal and an increase to the correction level of 200.0% - 1.3047. End of quotes from the level of Fibo 200.0% will allow traders to count on a reversal in favor of the US dollar and a slight drop towards the correctional level of 261.8% - 1.2637. There are no maturing divergences today. The consolidation of quotations above the Fibo level of 200.0% will work in favor of continuing growth towards the next corrective level of 161.8% - 1.3301.

The Fibo grid is built on extremes from March 1, 2018, and April 17, 2018.

1h

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On the hourly chart, the pair completed growth to a corrective Fibo level of 100.0% - 1.3043. The second retreat from this level will allow us to expect a reversal in favor of the US dollar and a slight drop in the direction of the correction level of 76.4% to 1.2982. There are no emerging divergences on September 11. Fixing the pair's rate above the Fibo level of 100.0% will increase the likelihood of further growth in the direction of the next correction level of 127.2% - 1.3113.

The Fibo grid is built on extremes from August 30, 2018, and September 5, 2018.

Recommendations for traders:

New purchases of the GBP / USD pair can be made with the target of 1.3113 and a Stop Loss order under the correction level of 100.0% if a close above the correction level of 1.3043 (hour chart) occurs.

Sales of the GBP / USD pair will be possible with targets of 1.2982 and 1.2944 and a stop loss order above the correction level of 100.0% if the pair retires from the Fibo level 1.3043.

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