4h
The GBP / USD currency pair on the 4-hour chart broke the upper limit of the lateral range but did not rise far above it. Since the next closing above the Fibo level of 100.0% - 1.2662 is completed, traders can count on continued growth towards the correctional level of 76.4% - 1.2812. There are no emerging divergences today. Fixing the pair below the Fibo level of 100.0% will work in favor of the American dollar and resuming the fall in the direction of the correction level of 127.2% - 1.2491.
The Fibo grid was built on extremes from August 15, 2018, and September 20, 2018.
1h
On the hourly chart, the pair completed the fifth attempt to close above the correction level of 100.0% - 1.2696. As a result, on December 26, the growth of quotations can be continued in the direction of the correctional level of 76.4% - 1.2809. Fixing quotes under the Fibo level of 100.0% will work in favor of the US dollar and a slight decline in the direction of the correction level of 127.2% - 1.2566. Maturing divergences today on the current schedule is not observed.
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 now with a target of 1.2809 and a Stop Loss order below the level of 100.0%, as the pair completed closing above the correction level of 1.2696 (hourly chart).
Sales of the GBP / USD currency pair can be carried out with a target of 1.2566 and a Stop Loss order above the level of 100.0% if the pair closes below the level of 1.2696 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com