On the hourly chart, the pair rebounded again from the retracement level of 38.2% (1.3220) and closed above the Fibo level of 23.6% which is 1.3228. As a result on March 18, the price may continue its growth, heading for the next retracement level of 0.0% which is 1.3380. If case the pair holds under the Fibo level of 23.6%, it will work in favor of the US dollar. So, the pair will resume its decline towards the retracement level of 38.2%. None of the indicators signals looming divergences on the 1-hour presented.
The Fibo grid is built on the grounds of the extremums from March 11, 2019, and March 13, 2019.
Buy deals on GBP/USD can be opened with the target at 1.3380 and the stop-loss order below the level of 23.6% since the pair has completed the closure above the level of 1.3281 (hourly chart).
Sell deals on GBP/USD can be opened with the target at 1.3220 and the stop-loss order above the level of 23.6% if the pair trades firmly below the correction level of 1.3281 (hourly chart).The material has been provided by InstaForex Company - www.instaforex.com