4h
As seen on the 4-hour chart, the GBP/USD pair rebounded from the retracement level of 76.4% (1.3094) and a reversal in favor of the US dollar. As a result, the pair began the process of falling in the direction of the retracement level of 61.8% (1.2969). Fixing the pair's rate above the Fibo level of 76.4% will work in favor of the British pound and the resumption of growth in the direction of the retracement level 100.0% (1.3300). Today, there is no emerging divergence in any indicator.
The Fibo grid is built according to the extremums of September 20, 2018, and January 3, 2019.
1h
As seen on the hourly chart, after the rebound from the retracement level of 50.0% (1.3122), the pair's quotes performed a reversal in favor of the US dollar and a fall to the Fibo level of 23.6% (1.3046). Thus, now it is possible to increase quotations in the direction of the retracement level of 38.2% (1.3087). There are also no emerging divergences on the current chart. Closing the pair below the Fibo level of 23.6% will increase the chances of a further fall in the direction of the next retracement level of 0.0% (1.2976).
The Fibo grid is built according to the extremums of March 27, 2019, and March 29, 2019.
Trading recommendations:
Buy deals on GBP/USD pair can be opened with a target at 1.3087 and a stop loss order under the retracement level of 23.6% as the pair completed closing above the level of 1.3046 (hourly chart).
Sell deals on GBP/USD pair can be opened with the target at 1.2976 and a stop loss order above the level of 23.6% if the pair completes below the level of 1.3046 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com