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Analysis of GBP / USD Divergences for January 7th. The pound shows signs of recovery.

4h

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The GBP / USD currency pair on the 4-hour chart, after rebounding from the Fibo level of 127.2% - 1.2491 and consolidation above the level of 100.0% - 1.2662, continues the growth process in the direction of the correctional level of 76.4% - 1.2812. There are no indicators of ripening divergences on January 7th. Rebound of the pair from the Fibo level of 76.4% will work in favor of the US currency and some fall towards the level of 100.0%. Closing quotations above the Fibo level of 76.4% will increase the chances of continued growth towards the next correction level of 61.8% - 1.2905.

The Fibo grid was built on extremes from August 15, 2018, and September 20, 2018.

1h

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On the hourly chart, the quotes of the pair completed above the correction level of 76.4% - 1.2725. As a result, the growth process can be continued today in the direction of the next correction level of 100.0% - 1.2815. Bearing divergence is brewing at the CCI indicator. Its education will allow us to count on a turn in favor of the US currency and a return to the Fibo level of 76.4%. Fixing the pair below this level will increase the likelihood of a further fall in the direction of the next correction level of 61.8% - 1.2669.

The Fibo grid is built on extremes from December 31, 2018, and January 3, 2019.

Recommendations to traders:

Purchases of the GBP / USD currency pair can be carried out now with a target of 1.2815 and a Stop Loss order below the level of 76.4%, as the pair completed the close above the Fibo level of 1.2725 (hourly chart) and hold them until a bearish divergence is formed.

Sales of the GBP / USD currency pair can be carried out with a target of 1.2669 and a Stop Loss order above the level of 76.4% if the pair closes below the level of 1.2725 (hourly chart).

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