4h
On the 4-hour chart, the GBP/USD pair returned to the Fibo level of 76.4% at 1.3094 and rebounded with a reversal in favor of the greenback. As a result on February 22, the process of falling began in the direction of the 61.8% correction level at 1.2969. Bouncing off quotes from the Fibo level of 61.8% will allow traders to expect a reversal in favor of the British pound and another return to the level of correction 76.4% at 1.30904. Fixing the pair above the Fibo level of 76.4% will increase the probability of further growth in the direction of the next correction level 100.0% at 1.3300.
The Fibo Net was established on boundaries from September 20, 2018 and January 3, 2019.
1h
On the hourly chart, the pair reversed in favor of the US dollar and closed below the correction level of 61.8% at 1.3047. Thus, the drop in quotations can be continued in the direction of the next Fibo level of 50.0% at 1.2994. There are no emerging divergences today. Fixing the pair above the correction level of 61.8% will work in favor of the sterling pound and some growth in the direction of the Fibo level of 76.4% at 1.3111.
The Fibo net was established on boundaries from January 25, 2019 and February 14, 2019.
Recommendations to traders:
New purchases of the GBP/USD pair can be made with the target of 1.3111 and a Stop Loss order below the level of 61.8% if the pair closes above 1.3047 on the hourly chart.
Sales of the GBP / USD pair can be carried out with the goal of 1.2994 and a Stop Loss order above the level of 61.8% since the pair closed below the level of 1.3047 on the hourly chart.
The material has been provided by InstaForex Company - www.instaforex.com