4h
The currency pair GBP / USD on the 4-hour chart fixed above the Fibo level of 76.4% - 1.3094, which allows us to expect the pair to continue to grow in the direction of the correction level of 100.0% - 1.3300. Fixing quotes on February 1 under the Fibo level of 76.4% will work in favor of the American dollar and resuming the fall in the direction of the correction level of 61.8% - 1.2969. The ripening divergences today are not observed in any indicator.
The Fibo grid is built on extremums from September 20, 2018, and January 3, 2019.
1h
On the hourly chart, after the formation of the bearish divergence at the MACD indicator, the pair reversed in favor of the US currency and began the process of falling in the direction of the correctional level of 161.8% - 1.3045. Rebounding the pair from this level will allow traders to count on a reversal in favor of the British pound and the resumption of growth in the direction of the correction level of 200.0% - 1.3187. Fixing the rate below the Fibo level of 161.8% will work in favor of continuing to fall in the direction of the correction level of 127.2% - 1.2916.
The Fibo grid is built on extremes from December 31, 2018, and January 3, 2019.
Recommendations to traders:
Purchases of the currency pair GBP / USD can be made with the target of 1.3187 and a Stop Loss order under the level of 161.8% if the pair bounces off the level of 1.3045 (hourly chart).
New sales of the currency pair GBP / USD will be possible with a target of 1.2916 and a Stop Loss order above the level of 161.8% if the pair closes below the level of 1.3045 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com