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Analysis of the GBP / USD Divergences for March 6. Two rebounds restrain a new fall of the pound sterling

4h

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The GBP / USD pair on the 4-hour chart performed a fall to the Fibo level of 76.4% - 1.3094 and rebound from it with a reversal in favor of the British currency. As a result, on March 6, the growth of quotations can be continued in the direction of a correction level of 100.0% - 1.3300. Closing quotes below the Fibo level of 76.4% will increase the chances of the pair to continue falling towards the next correction level of 61.8% - 1.2969. There are no emerging divergences today.

The Fibo grid is built on extremes from September 20, 2018, and January 3, 2019.

1h

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On the hourly chart, the pair rebounded from the correction level of 76.4% - 1.3111 and some growth. However, without any signal a little later, it turned in favor of the American dollar and began to return to the Fibo level of 76.4%. A new rebound from this level of correction will again allow us to count on a reversal in favor of the pound and some growth in the direction of the correction level of 100.0% - 1.3217. Fixing the pair below the Fibo level of 76.4% will work in favor of continuing the fall in the direction of the next correction level of 61.8% - 1.3047.

The Fibo grid is built on extremes from January 25, 2019, and February 14, 2019.

Recommendations to traders:

Purchases of the GBP / USD pair can be made with a target of 1.3217 and a Stop Loss order below the level of 76.4% if the pair performs a new rebound from the level of 1.3111 (hourly chart).

Sales of the GBP / USD pair can be made with the target of 1.3047 and a Stop Loss order above the level of 76.4% if the pair closes below the level of 1.3111 (hourly chart).

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