4h
As seen on the 4-hour chart, the pair GBP/USD performed a reversal in favor of the American currency and consolidation below the Fibo level of 76.4% (1.3094). As a result, the process of falling quotations can be continued in the direction of the next retracement level of 61.8% (1.2969). On April 2, there is no indicator of emerging divergences on both charts. The new consolidation of the pair above the Fibo level of 76.4% will again work in favor of the British pound and the resumption of growth in the direction of the retracement level of 100.0% (1.300).
The Fibo grid is built on extremes from September 20, 2018, and January 3, 2019.
1h
As seen on the hourly chart, the pair reversed in favor of the US dollar and a fall to the retracement level of 76.4% (1.3061). The end of the pair of this level will allow traders to count on a turn in favor of the British currency and some growth in the direction of the Fibo level of 61.8% (1.3121). Closing the pair below the level of 76.4% will increase the likelihood of a further fall in the direction of the next retracement level of 100.0% (1.2961).
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 1.3121 and a stop-loss order under the retracement level of 76.4% if the pair rebounds from the level of 1.3061 (hourly chart).
Sell deals on GBP/USD pair can be opened with the target at 1.2961 and a stop-loss order above the level of 76.4% if the pair closes below the level of 1.3061 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com