The GBP / USD pair on the 4-hour chart made a U-turn in favor of the US dollar and continues the process of falling in the direction of the correction level of 76.4% - 1.3094. Releasing the pair on March 5 from this level will allow traders to count on a turn in favor of the British currency and the resumption of growth in the direction of the Fibo level of 100.0% - 1.3300. Fixing a pair of quotes under the level of 76.4% will increase the chances of continuing falling towards the next correction level of 61.8% - 1.2969.
The Fibo grid is built on extremes from September 20, 2018, and January 3, 2019.
On the hourly chart, the pair reversed in favor of the American currency and consolidated below the correction level of 100.0% - 1.3217. Thus, the drop in quotations can be continued in the direction of the next correction level of 76.4% - 1.3111. There are no maturing divergences on both charts today. The rebound of the pair from the Fibo level of 76.4% will work in favor of the pound sterling and some growth in the direction of the correction level of 100.0%.
The Fibo grid is built on extremes from January 25, 2019, and February 14, 2019.
Recommendations to traders:
Purchases of the GBP / USD pair can be made with the target of 1.3217 and a Stop Loss order below the level of 76.4% if the pair bounces off the level of 1.3111 (hourly chart).
The GBP / USD pair can be sold now with the target at 1.3111 and a Stop Loss order above the 100.0% level, as the pair closed below the 1.3217 level (hourly chart).The material has been provided by InstaForex Company - www.instaforex.com