4h
As seen on the 4-hour chart, the GBP/USD pair completed closing under the Fibo level of 61.8% (1.2969). Thus, the pair quotes continue the process of falling in the direction of the next retracement level of 50.0% (1.2868). The rebound of the pair on April 24 from the retracement level of 50.0% will allow traders to expect a reversal in favor of the British currency and some growth in the direction of the retracement level of 61.8%. Closing the pair's rate above the level of 61.8% will similarly work in favor of the beginning of growth in the direction of the Fibo level of 76.4% (1.3094).
The Fibo grid is built according to the extremes of September 20, 2018, and January 3, 2019.
1h
As seen on the hourly chart, the GBP/USD pair performed a reversal in favor of the US dollar and fell almost to the Fibo level of 127.2% (1.2917). The rebound of the pair from this level will allow to count on a reversal in favor of the pound and some growth in the direction of the retracement level of 100.0% (1.2976). The consolidation of quotations below the Fibo level of 127.2% will increase the chances of the pair to further fall in the direction of the next retracement level of 161.8% (1.2842).
The Fibo grid is built according to the extremes of March 29, 2019, and April 3, 2019.
Forecast for GBP/USD and trading recommendations:
Buy deals on GBP/USD pair can be opened with the target at 1.2976 and a stop loss order under the retracement level of 127.2% if the pair will perform the rebound from 1.2917 (hourly chart).
Sell deals on GBP/USD pair can be opened with the target at 1.2842 and a stop loss order above the level of 127.2% if the pair closes below the level of 1.2917 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com