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Analysis of the divergence of GBP / USD for February 28. The bearish divergence and rebound - a new chance for the pair to

4h

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The GBP / USD pair on the 4-hour chart completed the peak of the bearish divergence and close above the Fibo level of 100.0% - 1.3300. As a result, on February 28, the growth process can be continued in the direction of the next correction level of 127.2% - 1.3530. New emerging divergences today are not observed in any indicator. Fixing the rate of the pair below the Fibo level of 100.0% can be interpreted as a reversal in favor of the US dollar and expect a slight decline in the direction of the correction level of 76.4% - 1.3094.

The Fibo grid is built on extremes from September 20, 2018, and January 3, 2019.

1h

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On the hourly chart, the pair completed the growth to the correctional level of 127.2% - 1.3337. Quoting the quotations from the Fibo level of 127.2% allowed the pair to make a U-turn in favor of the US currency and begin the process of falling in the direction of the correction level of 100.0% - 1.3217. Bearing divergence in the MACD indicator increases the likelihood of the pair to continue falling. However, closing quotations above the Fibo level of 127.2% will work in favor of the pound sterling and the resumption of growth in the direction of the correction level of 161.8% - 1.3492.

The Fibo grid is built on extremes from January 25, 2019, and February 14, 2019.

Recommendations to traders:

Purchases of the GBP / USD pair can be made with the target of 1.3349 and a Stop Loss order below the level of 127.2% if the pair closes above 1.3337 (hourly chart).

Sales of the GBP / USD pair can be carried out now with the target of 1.3217 and a Stop Loss order above the level of 127.2% since the pair has completed the rebound from the level of 1.3337 (hourly chart).

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