4h
The currency pair GBP / USD on the 4-hour chart has fixed the correction level of Fibo 23.6% - 1.3067. Thus, on September 17, the growth process can be continued in the direction of the next correction level of 38.2% - 1.3316. There are again no maturing divergences in any indicator. The consolidation of the pair's rate under the Fibo level of 23.6% can be interpreted as a reversal in favor of the US dollar and expect a slight drop towards the correction level of 0.0% - 1.2662.
The Fibo grid is built on extremes from April 17, 2018, and August 15, 2018.
1h
On the hourly chart, the bearish divergence of the CCI indicator allowed the quotes to turn in favor of the US currency and consolidation under the Fibo level of 127.2% - 1.3112. As a result, the drop in quotations can be continued in the direction of the next correction level of 100.0% - 1.3043. The pair's retracement from the Fibo level of 100.0% will allow traders to expect a reversal in favor of the pound sterling and a return to the correction level of 127.2% - 1.3112. Fixing the pair at the Fibo level of 100.0% will work in favor of continuing the fall of quotations.
The Fibo grid is built on extremes from August 30, 2018, and September 5, 2018.
Recommendations for traders:
Purchases of the GBP / USD currency pair will be possible with the aim of 1.3112 and a Stop Loss order under the correction level of 100.0% if there is a retreat from the level of 1.3043 (hourly chart).
New sales of the GBP / USD currency pair will be possible with the target of 1.2982 and a Stop Loss order above the correction level of 100.0% if the pair completes the closing under the Fibo level of 1.3043.
The material has been provided by InstaForex Company - www.instaforex.com