4h
On the 4-hour chart, the GBP / USD currency pair continues the growth process and completed the close above the Fibo level 61.8% - 1.3066. Thus, the growth of quotations can be continued on November 7 in the direction of the correction level of 76.4% - 1.3157. Rebounding the course of the pair from the Fibo level of 76.4% will allow traders to expect a reversal in favor of the US dollar and a slight decline in the direction of the correctional level of 61.8%. There are no ripening divergences today. Fixing the pair above the Fibo level of 76.4% will work in favor of continuing growth in the direction of the next correction level of 100.0% - 1.3297.
The Fibo grid is built on extremes from September 20, 2018, and October 30, 2018.
1h
On the hourly chart, the currency pair made an increase to the correction level of 76.4% - 1.3125. On November 7, the bearish divergence at the CCI indicator is brewing. The education will allow us to count on a turn in favor of the US currency and a slight drop in the direction of the Fibo level of 61.8% - 1.3044. Reversing quotes from the correction level of 76.4% will similarly work in favor of the American currency. Fixing the pair above the Fibo level of 76.4% will increase the likelihood of continued growth in the direction of the next correction level of 100.0% - 1.3257.
The Fibo grid was built on extremums from October 12, 2018, and October 30, 2018.
Recommendations to traders:
New purchases of the GBP / USD currency pair can be made with the target of 1.3357 and a Stop Loss order under the correction level of 76.4% if the pair closes above 1.3125 (hourly chart).
Selling of the GBP / USD currency pair will be possible with a target of 1.3044 and a Stop Loss order above the level of 76.4% if the pair bounces off the correction level of 1.3125 (hourly chart), especially in conjunction with the bearish divergence.
The material has been provided by InstaForex Company - www.instaforex.com