4h
On the 4-hour chart, the GBP/USD pair had a reversal in favor of the British pound and began the process of growth in the direction of the 100.0% correction level at 1.3300. However, the bearish divergence at the CCI indicator allows traders to expect a reversal in favor of the American currency and a return to the Fibo level of 76.4% at 1.3094. Passing the last divergence peak by the pair will work in favor of continuing growth in the direction of the correctional level of 100.0%.
The Fib net was formed on boundaries from September 20, 2018 and January 3, 2019.
1h
On the hourly chart, the pair made an increase to the correctional level of 38.2% at 1.3220, which rebounded from it and turn in favor of the US currency. As a result, the process of declining quotations can be continued in the direction of 50.0% correction levels of 1.3171 and 61.8% at 1.3121. Quoting quotes from one of the target Fibo levels will allow traders to count on a reversal in favor of the sterling pound and the resumption of growth in the direction of 38.2% and 23.6% at 1.3228. The emerging divergences today are not observed in any indicator.
The Fib net was formed on boundaries from March 11, 2019 and March 13, 2019.
Recommendations to traders:
Purchases of the GBP / USD pair can be carried out with targets at 1.3220 and 1.3281 and a Stop Loss order under the level of 50.0% if the pair bounces off the level of 1.3171 on the hourly chart.
Sales of the GBP/USD pair can be made with the target at 1.3121 and a Stop Loss order above the 50.0% level if the pair closes below the correction level of 1.3171 on the hourly chart.
The material has been provided by InstaForex Company - www.instaforex.com