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Analysis of GBP / USD Divergences for October 22. The pound has growth potential

4h

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On the 4-hour chart, the GBP / USD quotes consolidated below the correction level of 23.6% - 1.3067, but after the formation of bullish divergence, a reversal was made in favor of the British currency and a return to the Fibo level of 23.6%. Fixing the rate on October 22 above the correction level of 23.6% will increase the probability of continued growth in the direction of the next correction level of 38.2% - 1.3316. Rebound quotes from the Fibo level of 23.6% will work in favor of resuming the fall of the pair.

The Fibo grid was built according to extremums of April 17, 2018, and August 15, 2018.

1h

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On the hourly chart, the pair rebounded from the Fibo level of 50.0% - 1.3091, dropped to the correction level of 61.8% - 1.3051, and rebounded from it. Thus, today, the growth process can be continued in the direction of the correctional level of 50.0%. None of the indicators have maturing divergences. The end of the pair quotes from the Fibo level of 50.0% will again work in favor of the US dollar and return to the correctional level of 61.8%.

The Fibo grid was built on extremes from October 4, 2018, and October 12, 2018.

Recommendations to traders:

Purchases of the GBP / USD currency pair can be carried out now with targets at 1.3091 and 1.3130 and a Stop Loss order under the correction level of 61.8%, since the pair completed the rebound from the level of 1.3051 (hourly chart).

Selling a pair of GBP / USD will be possible with targets at 1.3051 and 1.3003 and a Stop Loss order above the 50.0% level if the pair rebounds from the Fibo level of 1.3091 (hourly chart).

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