4h
The currency pair GBP / USD on the 4-hour chart continues the growth process and completed the close above the correction level of 50.0% - 1.2869. As a result, on January 15, the growth of quotations can be continued in the direction of the next Fibo level of 61.8% - 1.2970. Rebounding the pair from this level will allow traders to expect a reversal in favor of the US dollar and a slight decline in the direction of the correction level of 50.0%. There is no indicator of the emerging divergences today.
The Fibo grid is built on extremes from September 20, 2018, and January 3, 2019.
1h
On the hourly chart, the quotes performed growth to the correctional level of 127.2% - 1.2916 and a little later return to it. A new rebound from this Fibo level will again allow us to count on a turn in favor of the American currency and a slight drop in quotations in the direction of the correction level of 100.0% - 1.2815. Fixing the pair above the Fibo level of 127.2% will increase the likelihood of further growth in the direction of the next correction level of 161.8% - 1.3048.
The Fibo grid is built on extremes from December 31, 2018, and January 3, 2019.
Recommendations to traders:
New purchases of the GBP / USD currency pair can be made with the target of 1.3048 and a Stop Loss order below the level of 127.2% if the pair closes above the level of 1.2916 (hourly chart).
Sales of the GBP / USD currency pair can be carried out with a target of 1.2815 and a Stop Loss order above the level of 127.2% if the pair bounces off of the level of 1.2916 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com