4h
After the end of quotations of the GBP / USD pair from the Fibo level 61.8% - 1.2904, a reveral was made in favor of the American dollar and a fall to the correction level of 76.8% - 1.2812. Rebounding the pair from the Fibo level, 76.4% will work in favor of the British currency. The start of growth in the direction of the correctional level is 61.8%. Fixing quotations under the Fibo level of 76.4% will allow us to count on a further fall in the direction of the next correlation level of 100.0% - 1.2662.
The Fibo grid was built according to extremums from August 15, 2018 and September 20, 2018.
1h
On the hourly chart, the pair rebounded from the correction level of 61.8% - 1.2878 and falling to the Fibo level of 76.4% - 1.2809. Reversing the quotes from the correction level of 76.4% will make it possible to expect a turn in favor of the British currency and some of its growth towards the correction level of 61.8%. Overlapping divergences on November 26th are not observed in any indicator. Fixing the rate of the pair below the Fibo level 76.4% will increase the probability of a further fall in the direction of the next level of correction 100.0% - 1.2696.
The Fibo net is built on extremes from October 30, 2018 and November 7, 2018.
Recommendations to traders:
New purchases of the GBP / USD pair can be made with a target of 1.2878 and a Stop Loss order under the correction level of 76.4% if the pair is bounces off the 1.2809 level (hourly chart).
To sell a pair of GBP / USD, it will be possible for the target of 1.2696 and a Stop Loss order above the level of 76.4% if the pair closes below the level of 1.2809 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com