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Analysis of the GBP / USD Divergences for December 21. The pound cannot pass the level of 1.27. New fall?

4h

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The GBP / USD currency pair on the 4-hour chart performed the third return to the correction level of 100.0% - 1.2662. The next rebound from this Fibo level will again allow traders to expect a reversal in favor of the US currency and a slight drop in the direction of the correction level of 127.2% - 1.2491. There are no ripening divergences today. Fixing the pair above the Fibo level of 100.0% will increase the likelihood of the growth of quotations in the direction of the correctional level of 76.4% - 1.2812.

The Fibo grid is built on extremes from August 15, 2018, and September 20, 2018.

1h

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On the hourly chart, the currency pair completed two more rebounds from the correction level of 100.0% - 1.2696 and a turn in favor of the US dollar. As a result, a fall began in the direction of the correctional level of 127.2% - 1.2566. There are no emerging divergences today. Fixing a pair of quotations above the Fibo level of 100.0% will work in favor of the British currency and the resumption of growth in the direction of the correction level of 76.4% - 1.2809.

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 with a target of 1.2809 and a Stop Loss order below the level of 100.0% if the pair closes above the correction level of 1.2696 (hourly chart).

Sales of the GBP / USD currency pair can be carried out now with a target of 1.2566 and a Stop Loss order above the level of 100.0% since the pair completed the rebound from the level of 1.2696 (hourly chart).

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