Analysis of the divergence of GBP / USD for March 11. The pound is preparing to break off the level of 1.2970
The pair GBP / USD on the 4-hour chart performed a fall to the correction level of 61.8% - 1.2969. Quoting quotes from 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 76.4% - 1.3094. Closing the pair on March 11, below the level of 61.8%, will increase the chances of continuing falling towards the next correction level of 50.0% - 1.2869. There is no indicator of the emerging divergences today.
The Fibo grid is built on extremes from September 20, 2018, and January 3, 2019.
On the hourly chart, the pair completed under the correction level of 61.8% - 1.2993. As a result, the process of falling quotations can be continued in the direction of the next Fibo level of 76.4% - 1.2910. The closing of the pair above the correction level of 61.8% can be interpreted as a reversal in favor of the pound sterling and some growth in the direction of the correction level of 50.0% - 1.3062 is expected. Maturing divergences are not visible on the current chart.
The Fibo grid 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 1.3062 and a Stop Loss order below the level of 61.8% if the pair closes above 1.2993 (hourly chart).
Sales of the GBP / USD pair can be carried out with a target of 1.2910 and a Stop Loss order above the level of 61.8% if the pair closes below the level of 1.2969 (4-hour chart).The material has been provided by InstaForex Company - www.instaforex.com