4h
On the 4-hour chart, the GBP / USD currency pair rebounded from the correction level of 23.6% - 1.2837 and rising to the Fibo level of 50.0% - 1.2997. The end of November 14 quotes from the correction level of 50.0% will allow traders to expect a reversal in favor of the US dollar and a resumption of falling towards the Fibo levels of 38.2% - 1.2925 and 50.0%. There are no ripening divergences today. Fixing the rate above the level of 50.0% will increase the pair's chances for a further growth in the direction of the next correction level of 61.8% - 1.3066.
The Fibo grid was built on extremes from September 20, 2018, and October 30, 2018.
1h
On the hourly chart, the currency pair reversed in favor of the American currency, followed by a slight increase, and after the formation of a bearish divergence at the MACD indicator, a new reversal, and closing under the correction level of 38.2% - 1.2992. As a result, the fall in quotations can be continued in the direction of the correctional level of 50.0% - 1.2935. New emerging divergences are not observed. Fixing quotations above the Fibo level of 38.2% will work in favor of the British currency and the resumption of growth in the direction of the correction level of 23.6% - 1.3061.
The Fib net is built on extremes from October 30, 2018, and November 7, 2018.
Recommendations to traders:
New purchases of the GBP / USD currency pair can be made with a target of 1.3061 and a Stop Loss order under the correction level of 38.2% if the pair closes above 1.2992 (hourly chart).
The currency pair GBP / USD can be sold now with a target of 1.2935 and a Stop Loss order above the level of 61.8%, as the pair completed closing below the correction level of 1.2992 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com