4h
On the 4-hour chart, the Monday trading session began above the correction level of 50.0% at 1.2995. A fixation below the Fibo level of 50.0% will allow traders to rely on the reversal of the pair in favor of the US currency and a slight decline in the direction of the correctional level of 38.2% at 1.2925. No emerging divergence on November 5th was observed. The absence of closing below the Fibo level of 50.0% will work in favor of resuming growth in the direction of the correction level of 61.8% at 1.3066.
The net Fib was built on boundaries from September 20, 2018 and October 30, 2018.
1h
On the hourly chart, the pair closed above the Fibo level of 50.0% at 1.2978 and began the process of returning to this level. Rejection of quotes from the correction level of 50.0% will work in favor of the British currency and the resumption of growth in the direction of the correctional level of 61.8% at 1.3044. There are no emerging divergences today. Fixing the rate of the pair below the Fibo level of 50.0% will work in favor of the US dollar and a slight decline in the direction of the correction level of 38.2% - 1.2912.
The net Fib was built on boundaries from October 12, 2018 and October 30, 2018.
Recommendations to traders:
Purchases of the GBP / USD pair can be carried out with targets at 1.3044 and 1.3125 and a Stop Loss order under the correction level of 50.0% if the pair bounces off at 1.2978 (hourly chart).
Selling the GBP / USD pair will be possible with a target of 1.2912 and a Stop Loss order above the 50.0% level if the pair closes below the correction level of 1.2978 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com