On the 4-hour chart, the GBP / USD pair reversed in favor of the US dollar near the Fibo level of 100.0% - 1.3300 and began the process of falling in the direction of the correction level 76.4% - 1.3094. Releasing the pair on March 4 from the Fibo level of 76.4% will allow us to count on a reversal in favor of the British currency and a return to the correction level of 100.0%. On the other hand, closing the pair above the Fibo level of 100.0% will similarly work in favor of resuming growth in the direction of the correction level 127.2% - 1.3530.
The Fib net is built on the extremums from September 20, 2018 and January 3, 2019.
On the hourly chart, the pair reversed in favor of the British pound and consolidated above the correction level of 100.0% - 1.3217. As a result, the growth process can be continued in the direction of the Fibo level 127.2% - 1.3337 today. None of the indicators have maturing divergences on the current chart. Fixing quotes under the level of 100.0% will work in favor of the American currency and the resumption of decline in the direction of the correctional level of 76.4% - 1.3111.
The Fib net is built on the extremes from January 25, 2019 and February 14, 2019.
Recommendations to traders:
Now, purchases of the GBP / USD pair can be carried out with a target of 1.3337 and a Stop Loss order below the level of 100.0%, as the pair completed closing above the level of 1.3217 (hourly chart).
Sales of the GBP / USD pair can be carried out with the target at 1.3111 and a Stop Loss order above the 100.0% level if the pair closes below the 1.3217 level (hourly chart).The material has been provided by InstaForex Company - www.instaforex.com