As seen on the 4-hour chart, the GBP/USD pair canceled a bearish divergence, but the movement in recent days is "ragged" and unstable. The pair remains likely to return to the retracement level of 100.0% (1.3300), but with the same probability, it can make a fall to the retracement level of 76.4% (1.3094). New emerging divergences March 27 is not observed. For a more accurate determination of the trend, we turn to the younger schedule.
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 an attempt to break out of the area bounded by the retracement levels of 50.0% (1.3171) and 38.2% (1.3220), but still returned to it. The next rebound from the retracement level of 50.0% will allow traders to expect a reversal in favor of the British pound and some growth in the direction of the Fibo level of 38.2%, and perhaps even higher. Closing the pair below the level of 50.0% will increase the probability of a further fall in the direction of the next retracement level of 61.8% (1.3121).
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 targets at 1.3220 and 1.3281 and a stop-loss order under the level of 50.0% if the pair completes another hang-up from the level of 1.3171 (hourly chart).
Sell deals on GBP/USD pair can be opened with the target at 1.3121 and a stop-loss order above the level of 50.0% if the pair closes below the retracement level of 1.3171 (hourly chart).The material has been provided by InstaForex Company - www.instaforex.com