4h
On the 4-hour chart, the GBP / USD currency pair quotes from the correction level of 23.6% - 1.3067 with a reversal in favor of the American dollar. As a result, the fall in quotations resumed in the direction of the correction level of 0.0% - 1.2662. The ripening divergences today are not observed in any indicator. For a more detailed picture, go to the younger graph.
The Fibo grid was built according to extremums of April 17, 2018, and August 15, 2018.
1h
On the hourly chart, the pair completed under the correction level of 76.4% - 1,3003. Thus, the fall in quotations of the pair continues in the direction of the next Fibo level of 100.0% - 1.2924. The rebound of the course on October 23 from the Fibo level of 100.0% will allow traders to expect a reversal in favor of the US currency and some growth towards 76.4%. There are no emerging divergences today. Fixing the pair below the Fibo level of 100.0% will work in favor of continuing to fall in the direction of the correctional level of 127.2% - 1.2833.
The Fibo grid was built on extremes from October 4, 2018, and October 12, 2018.
Recommendations to traders:
You can make purchases of the GBP / USD currency pair with the target of 1.3003 and a Stop Loss order under the correction level of 100.0% if the pair bounces off the 1.2924 level (hourly chart).
The currency pair GBP / USD can be sold now with targets at 1.2924 and 1.2833 and a Stop Loss order above the level of 76.4%, as the pair completed closing under the Fibo level of 1.3003 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com