On the 4-hour chart, the GBP/USD pair rebounded from the Fibo level of 100.0% (1.3300) and formed a bearish divergence that began the process of falling in the direction of the retracement level of 76.4% (1.3094). Yesterday nothing has changed. None of the indicators have ripening divergences. The end of the pair on March 21 from the Fibo level of 76.4% will work in favor of the British currency and return to the retracement level of 100.0%. Fixing quotes above this level will increase the chances of continued growth in the direction of the next Fibo level of 127.2% (1.3530).
The Fibo grid is built on extremums from September 20, 2018, and January 3, 2019.
As seen on the hourly chart, the pair consolidated below the retracement level of 38.2% (1.3220), and two bearish divergences at once increase the probability of a further fall in the direction of the retracement level of 50.0% (1.3171). Fixing quotations above the Fibo level of 38.2% will work in favor of the pound sterling and some growth in the direction of the retracement level of 23.6% (1.3228). New emerging divergences today are not observed.
The Fibo grid is built on extremes from March 11, 2019, and March 13, 2019.
Buy deals on GBP/USD pair can be opened with the target at 1.3281 and a stop loss order below the level of 38.2% if the pair closes above 1.3220 (hourly chart).
Sell deals on GBP/USD pair can be opened with the target at 1.3171 and a stop loss order above the level of 38.2%, as the pair completed closing below the retracement level of 1.3220 (hourly chart) with the formation of a bearish divergence.The material has been provided by InstaForex Company - www.instaforex.com