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Analysis of GBP / USD Divergences for November 21. Bullish divergence can help the pound sterling

4h

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On the 4-hour chart, the GBP / USD currency pair reversed in favor of the US currency and closed below the correction level of 76.4% - 1.2812. However, on November 21, a bullish divergence emerged near the CCI indicator, which allows traders to expect some growth in the pair. Closing quotes above the Fibo level of 76.4% will work in favor of resuming growth in the direction of the correction level of 61.8% - 1.2904. A pass of the last divergent low will work in favor of a further fall in the direction of the Fibo level of 100.0% - 1.2662.The Fibo grid was built according to extremums of August 15, 2018, and September 20, 2018.1h

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On the hourly chart, the currency pair completed the fourth rebound from the Fibo level of 61.8% - 1.2878 and fixed under the correction level of 76.4% - 1.2809. As a result, the process of falling quotations can be continued in the direction of the next correction level of 100.0% - 1.2696. There is no indicator of the emerging divergences today. Fixing the pair above the Fibo level of 76.4% can be interpreted as a reversal in favor of the British currency and expect a return to the correction level of 61.8%.The Fibo grid 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 1.2878 and a Stop Loss order under the correction level of 76.4% if the pair closes above 1.2809 (hourly chart).The currency pair GBP / USD will be sold with a target of 1.2696 and a Stop Loss order above the level of 76.4% if the pair breaks low bullish divergence on the 4-hour chart.

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