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Analysis of GBP / USD Divergences for January 4th. The pound has risen to two important levels and can be rebound.

4h

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The GBP / USD currency pair on a 4-hour chart, after a rebound from the correction level of 127.2% - 1.2491, performed a U-turn in favor of the British currency and an increase to the correction level of 100.0% - 1.2662. Rebounding the quotations of the pair on January 4 from this level will allow us to expect a reversal in favor of the US currency and a return to the Fibo level of 127.2% - 1.2491. There are no ripening divergences today. Fixing the pair over the correction level of 100.0% will increase the chances for further growth in the direction of 76.4% - 1.2812.

The Fibo grid is built on extremes from August 15, 2018, and September 20, 2018.

1h

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On the hourly chart, the quotes of the pair completed the growth to the correction level of 50.0% - 1.2646. Releasing the pair from this Fibo level will allow traders to expect a reversal in favor of the American dollar and a slight drop towards the level of 76.4% - 1.2556. Fixing the pair above the Fibo level of 50.0% will work in favor of continuing growth in the direction of the following correction levels of 38.2% - 1.2685 and 23.6% - 1.2734. There are no maturing divergences on the current chart.

The Fibo grid is built on extremums from December 12, 2018, and December 31, 2018.

Recommendations to traders:

You can make purchases of the GBP / USD currency pair with targets at 1.2685 and 1.2734 and a Stop Loss order below the level of 50.0% if the pair closes above the Fibo level of 1.2646 (hourly chart).

Sales of the GBP / USD currency pair can be carried out with targets at 1.2606 and 1.2556 and a Stop Loss order above the level of 50.0% if the pair bounces back from the level of 1.2646 (hourly chart).

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