On the 4-hour chart, the pair GBP / USD made a new return to the retracement level of 100.0% (1.3300). However, the Fibo rebounded with the formation of a bearish divergence at the MACD indicator and a reversal of the pair in favor of the US dollar. Thus, on March 20, the drop in quotations may continue in the direction of the Fibo level of 76.4% (1.3094). Fixing the pair above 100.0% will increase the likelihood of continued growth in the direction of the retracement level of 127.2% (1.3530).
The Fibo grid is built on the grounds of the extremums from September 20, 2018, and January 3, 2019.
As seen on the hourly chart, the pair made another turn around the retracement level of 23.6% (1.3228) in favor of the American dollar and the beginning of a fall in the direction of the Fibo level of 38.2% (1.3220). Rebounding the pair from the level of 38.2% (which is very likely) will work in favor of the British currency and the resumption of growth in the direction of all that level of retracement 23.6%. Closing the pair above the Fibo level of 23.6% will increase the chances for further growth in the direction of the next retracement level of 0.0% (1.3380).
The Fibo grid is built on the grounds of the extremums from March 11, 2019, and March 13, 2019.
Buy deals on GBP / USD pair can be opened with the target at 1.3380 and a stop-loss order below the level of 23.6% if the pair closes above 1.3281 (hourly chart).
Sell deals on GBP / USD pair can be opened with the target at 1.3220 and a stop-loss order above the level of 23.6% since the pair has completed the rebound from the retracement level of 1.3281 (hourly chart).The material has been provided by InstaForex Company - www.instaforex.com