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Analysis of GBP / USD Divergences for November 20th. The pound twice failed to overcome the barrier of 1.2880

4h

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On the 4-hour chart, the GBP / USD currency pair completed first closing above the correction level of 76.4% - 1.2812 and then rebounding from it. As a result, the growth process on November 20 can be continued in the direction of the correctional level of 61.8% - 1.2904. There are no maturing divergences on the current chart. Reversing the quotations from the Fibo level of 61.8% will allow traders to expect a reversal in favor of the US currency and a return to the correction level of 76.4%. Fixing the pair above the Fibo level of 61.8% will increase the chances for a further growth in the direction of the next correction level of 50.0% - 1.2980.The Fibo grid was built according to extremums of August 15, 2018, and September 20, 2018.1h

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On the hourly chart, the currency pair performed two round-offs from the correction level of 61.8% - 1.2878 and two, from the Fibo level of 76.4% - 1.2809. Thus, today the pair can return to the correction level of 61.8%. A new rebound from this level will again allow us to count on a turn in favor of the American currency and a return to the level of correction of 76.4%. Fixing the pair above the Fibo level of 61.8% will increase the likelihood of continued growth towards the next correction level of 50.0% - 1.2935.The Fibo grid is built on extremes from October 30, 2018, and November 7, 2018.Recommendations to traders:New purchases of the GBP / USD currency pair can be made with a target of 1.2935 and a Stop Loss order under the correction level of 61.8% if the pair closes above 1.2878 (hourly chart).Selling of the currency pair GBP / USD will be possible with the goal of 1.2809 and a Stop Loss order above the level of 61.8% if the pair rebounds from the level of 1.2878 (hourly chart).

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