4h
On the 4-hour chart, the GBP/USD pair rebounded from the Fibo level of 100.0% (1.3300) and formed a bearish divergence that began the process of falling in the direction of the retracement level of 76.4% (1.3094). Yesterday nothing has changed. None of the indicators have ripening divergences. The end of the pair on March 21 from the Fibo level of 76.4% will work in favor of the British currency and return to the retracement level of 100.0%. Fixing quotes above this level will increase the chances of continued growth in the direction of the next Fibo level of 127.2% (1.3530).
The Fibo grid is built on extremums from September 20, 2018, and January 3, 2019.
1h
As seen on the hourly chart, the pair consolidated below the retracement level of 38.2% (1.3220), and two bearish divergences at once increase the probability of a further fall in the direction of the retracement level of 50.0% (1.3171). Fixing quotations above the Fibo level of 38.2% will work in favor of the pound sterling and some growth in the direction of the retracement level of 23.6% (1.3228). New emerging divergences today are not observed.
The Fibo grid is built on extremes from March 11, 2019, and March 13, 2019.
Trading advice:
Buy deals on GBP/USD pair can be opened with the target at 1.3281 and a stop loss order below the level of 38.2% if the pair closes above 1.3220 (hourly chart).
Sell deals on GBP/USD pair can be opened with the target at 1.3171 and a stop loss order above the level of 38.2%, as the pair completed closing below the retracement level of 1.3220 (hourly chart) with the formation of a bearish divergence.
The material has been provided by InstaForex Company - www.instaforex.com