4h
As seen on the 4-hour chart, the GBP/USD pair completed the passage of the last bearish divergence peak. Thus, the growth of quotations can be continued today in the direction of the retracement level of 100.0% (1.3300). Rebounding the course of the pair from this level will again allow us expecting a reversal in favor of the American currency and a slight drop in the direction of the retracement level of 76.4% (1.3094). Closing the pair above the Fibo level of 100.0% will increase the chances for further growth in the direction of the next retracement level of 127.2% (1.3534).
The Fibo grid is built on the ground of extremums from September 20, 2018, and January 3, 2019.
1h
As seen on the hourly chart, the pair rebounded several times from the Fibo level of 50.0% (1.3171), then rebound from the retracement level of 38.2% (1.3220) and a decrease back to the level of 50.0%. The new release of quotes on March 26 from the Fibo level of 50.0% will again work in favor of the British currency and some growth in the direction of the retracement level of 38.2%. Fixing the rate below the Fibo level of 50.0% will make it possible to expect a continuation of a fall in the direction of the next retracement level of 61.8% (1.3121).
The Fibo grid is built on the grounds of the extremums from March 11, 2019, and March 13, 2019.
Trading advice:
Buy deals on GBP/USD pair can be opened with targets at 1.3220 and 1.3281 and a stop loss order under the level of 50.0% if the pair completes another hang-up from the level of 1.3171 (hourly chart).
Sell deals on GBP/USD pair can be opened with the target at 1.3121 and a stop loss order above the level of 50.0% if the pair closes below the retracement level of 1.317 1 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com