4h
The GBP / USD currency pair on the 4-hour chart has been moving along the correction level of 100.0% - 1.2662 for several days already. As a result, the fall in quotations or the resumption of growth can be expected by traders not earlier fixing under the bottom line of the blue area or above the top line of the blue area. Up to this point, the movement along the level of 100.0% can be continued. At the pre-New Year week, there will be very little news, which may affect the market activity.
The Fibo grid is built on extremes from August 15, 2018, and September 20, 2018.
1h
On the hourly chart, the currency pair performed the fourth and fifth rebounds from the correction level of 100.0% - 1.2696, each of which allows you to count on a slight drop in the direction of the correctional level of 127.2% - 1.2566. But the outset is very well seen on the 4-hour chart. As a result, for further growth, the pair should close above the fibo level of 100.0%. Then the chances of continued growth in the direction of the correctional level of 76.4% - 1.2809 will increase.
The Fibo grid 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). Based on the conditions of the "outset", a more realistic goal of 1.2613.
The material has been provided by InstaForex Company - www.instaforex.com