4h
The GBP / USD pair on the 4-hour chart performed a rebound from the correction level of 61.8% - 1.2969 and a reversal in favor of the British currency with an exit to the Fibo level of 100.0% - 1.3300. Quoting quotes on March 12 from a correction level of 100.0% will allow traders to count on a turn in favor of the American currency and a slight drop in the direction of the Fibo level of 76.4% - 1.3090. There are no ripening divergences today. Closing the pair above the 100.0% level will increase the chances of further growth in the direction of the next correction level of 127.2% - 1.3530.
The Fibo grid is built on extremums from September 20, 2018, and January 3, 2019.
1h
On the hourly chart, the pair closed above 23.6% - 1.3212, but the formation of a bearish divergence in the CCI indicator (the last peak of quotations was much higher than the previous one, which does not correspond to the indicator peaks) allowed the quotes to turn in favor of the US dollar and return to the Fibo level of 23.6%. Fixing quotes below this level will allow us to expect to continue falling towards the next correction level of 38.2% - 1.3130.
The Fib net 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 1.3349 and a Stop Loss order below the level of 23.6% if the pair closes above 1.3212 (hourly chart).
Sales of the GBP / USD pair can be carried out now with a target of 1.3130 and a Stop Loss order above the level of 23.6%, as the pair completed closing below the level of 1.3212 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com