4h
The GBP / USD pair on a 4-hour chart is a reversal in favor of the American currency and consolidation below the correction level of 76.4% - 1.3094. Thus, the fall process can be continued on March 8 in the direction of the next Fibo level of 61.8% - 1.2969. There are no emerging divergences today. Closing the pair above the correction level of 76.4% will allow traders to expect a reversal in favor of the euro currency and some growth towards the Fibo level of 100.0% - 1.3300.
The Fibo grid is built on extremes from September 20, 2018, and January 3, 2019.
1h
On the hourly chart, the pair performed a fall to the correction level of 50.0% - 1.3062 and began the process of growth in the direction of the correctional level of 38.2% - 1.3130 on the new Fibo grid of levels. Fixing the course of the pair below the Fibo level of 50.0% will increase the chances of the pair to continue falling in the direction of the correction level of 61.8% - 1.2993. Hanging quotes from the Fibo level of 38.2% will similarly work in favor of the US dollar and the resumption of the pair's fall.
The Fibo grid is built on extremes from February 14, 2019, and February 27, 2019.
Recommendations to traders:
Purchases of the GBP / USD pair can be made with the target of 1.3130 and a Stop Loss order below the level of 50.0% if the pair bounces off the level of 1.3062 (hourly chart).
Sales of the GBP / USD pair can be made with the target of 1.2993 and a Stop Loss order above the 50.0% level if the pair closes below the 1.3062 level (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com