4h
On the 4-hour chart, the GBP / USD currency pair made a sharp reversal in favor of the British currency and an increase to the correction level of 61.8% - 1.2904. Releasing the pair on November 23 from the Fibo level of 61.8% allows traders to expect a reversal in favor of the American currency and a slight decline in the direction of the correction level of 76.4% - 1.2812. There is no indicator of the emerging divergences today. Fixing the pair above the Fibo level of 61.8% will work in favor of continuing growth in the direction of the next correction level of 50.0% - 1.2980.
The Fibo grid was built according to extremums of August 15, 2018, and September 20, 2018.
1h
On the hourly chart, the quotes of the pair completed the growth to the correctional level of 61.8% - 1.2878. Rebounding the pair from the Fibo level of 61.8% will make it possible to expect a reversal in favor of the American currency and the beginning of a fall in the direction of the correction level of 76.4% - 1.2809. There are no ripening divergences on the current chart. Fixing the pair above the Fibo level of 61.8% will allow traders to expect continued growth in the direction of the next 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:
New purchases of the GBP / USD pair can be made with a target of 1.2935 and a Stop Loss order under the correction level of 61.8% if the pair closes above 1.2878 (hourly chart).
It will be possible to sell a pair of GBP / USD with a target of 1.2809 and a Stop Loss order above the level of 61.8%, as the pair will perform a clear rebound from the level of 1.2878 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com