4h
The GBP / USD currency pair on the 4-hour chart performed the third return to the correction level of 100.0% - 1.2662. The next rebound from this Fibo level will again allow traders to expect a reversal in favor of the US currency and a slight drop in the direction of the correction level of 127.2% - 1.2491. There are no ripening divergences today. Fixing the pair above the Fibo level of 100.0% will increase the likelihood of the growth of quotations in the direction of the correctional level of 76.4% - 1.2812.
The Fibo grid is built on extremes from August 15, 2018, and September 20, 2018.
1h
On the hourly chart, the currency pair completed two more rebounds from the correction level of 100.0% - 1.2696 and a turn in favor of the US dollar. As a result, a fall began in the direction of the correctional level of 127.2% - 1.2566. There are no emerging divergences today. Fixing a pair of quotations above the Fibo level of 100.0% will work in favor of the British currency and the resumption of growth in the direction of the correction level of 76.4% - 1.2809.
The Fib net is built on extremes from October 30, 2018, and November 7, 2018.
Recommendations to traders:
Purchases of the GBP / USD currency pair can be made with a target of 1.2809 and a Stop Loss order below the level of 100.0% if the pair closes above the correction level of 1.2696 (hourly chart).
Sales of the GBP / USD currency pair can be carried out now with a target of 1.2566 and a Stop Loss order above the level of 100.0% since the pair completed the rebound from the level of 1.2696 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com