Analysis of GBP/USD divergence for April 2. The pound "pulls" down again

4h

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As seen on the 4-hour chart, the pair GBP/USD performed a reversal in favor of the American currency and consolidation below the Fibo level of 76.4% (1.3094). As a result, the process of falling quotations can be continued in the direction of the next retracement level of 61.8% (1.2969). On April 2, there is no indicator of emerging divergences on both charts. The new consolidation of the pair above the Fibo level of 76.4% will again work in favor of the British pound and the resumption of growth in the direction of the retracement level of 100.0% (1.300).

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

1h

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As seen on the hourly chart, the pair reversed in favor of the US dollar and a fall to the retracement level of 76.4% (1.3061). The end of the pair of this level will allow traders to count on a turn in favor of the British currency and some growth in the direction of the Fibo level of 61.8% (1.3121). Closing the pair below the level of 76.4% will increase the likelihood of a further fall in the direction of the next retracement level of 100.0% (1.2961).

The Fibo grid is built on extremes from March 11, 2019, and March 13, 2019.

Trading advice:

Buy deals on GBP/USD pair can be opened with the target at 1.3121 and a stop-loss order under the retracement level of 76.4% if the pair rebounds from the level of 1.3061 (hourly chart).

Sell deals on GBP/USD pair can be opened with the target at 1.2961 and a stop-loss order above the level of 76.4% if the pair closes below the level of 1.3061 (hourly chart).

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