4h
On the 4-hour chart, the GBP / USD currency pair rebounded from the correction level of 38.2% - 1.2925, and then from the level of 61.8% - 1.3066. However, on November 15, the growth process continues towards the correctional level of 61.8%. There are no emerging divergences today. Another rebound from the Fibo level of 61.8% will again work in favor of the American currency and some fall in the direction of the correction level of 38.2%. Fixing the rate above the Fibo level of 61.8% will increase the likelihood of a further growth in the direction of the next correction level of 76.4% - 1.3157.
The Fibo grid was built on extremes from September 20, 2018, and October 30, 2018.
1h
On the hourly chart, the pair rebounded from the correctional level of 23.6% - 1.3061 with the formation of a bearish divergence at the MACD indicator, but under the Fibo level of 38.2% - 1.2992 could not close. Thus, now the process of returning quotes to a correction level of 23.6% has begun. Fixing the pair quotations below the Fibo level of 38.2% or rebound from the level of 23.6% will allow traders to expect a reversal in favor of the US dollar and a slight drop in the direction of the correction level of 50.0% - 1.2935.
The Fib net is built on extremes from October 30, 2018, and November 7, 2018.
Recommendations to traders:
Purchases of the GBP / USD currency pair can be made now with a target of 1.3061 and a Stop Loss order under the correction level of 38.2%, as the pair completed closing above the level of 1.2992 (hourly chart).
Selling of the GBP / USD currency pair will be possible with a target of 1.2935 and a Stop Loss order above the 61.8% level if the pair closes below the correction level of 1.2992 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com