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Analysis of GBP / USD Divergences for February 22. Two rebounds predicted the fall of the pound

4h

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On the 4-hour chart, the GBP/USD pair returned to the Fibo level of 76.4% at 1.3094 and rebounded with a reversal in favor of the greenback. As a result on February 22, the process of falling began in the direction of the 61.8% correction level at 1.2969. Bouncing off quotes from the Fibo level of 61.8% will allow traders to expect a reversal in favor of the British pound and another return to the level of correction 76.4% at 1.30904. Fixing the pair above the Fibo level of 76.4% will increase the probability of further growth in the direction of the next correction level 100.0% at 1.3300.

The Fibo Net was established on boundaries from September 20, 2018 and January 3, 2019.

1h

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On the hourly chart, the pair reversed in favor of the US dollar and closed below the correction level of 61.8% at 1.3047. Thus, the drop in quotations can be continued in the direction of the next Fibo level of 50.0% at 1.2994. There are no emerging divergences today. Fixing the pair above the correction level of 61.8% will work in favor of the sterling pound and some growth in the direction of the Fibo level of 76.4% at 1.3111.

The Fibo net was established on boundaries from January 25, 2019 and February 14, 2019.

Recommendations to traders:

New purchases of the GBP/USD pair can be made with the target of 1.3111 and a Stop Loss order below the level of 61.8% if the pair closes above 1.3047 on the hourly chart.

Sales of the GBP / USD pair can be carried out with the goal of 1.2994 and a Stop Loss order above the level of 61.8% since the pair closed below the level of 1.3047 on the hourly chart.

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