On the 4-hour chart, the GBP/USD pair had a reversal in favor of the British pound and began the process of growth in the direction of the 100.0% correction level at 1.3300. However, the bearish divergence at the CCI indicator allows traders to expect a reversal in favor of the American currency and a return to the Fibo level of 76.4% at 1.3094. Passing the last divergence peak by the pair will work in favor of continuing growth in the direction of the correctional level of 100.0%.
The Fib net was formed on boundaries from September 20, 2018 and January 3, 2019.
On the hourly chart, the pair made an increase to the correctional level of 38.2% at 1.3220, which rebounded from it and turn in favor of the US currency. As a result, the process of declining quotations can be continued in the direction of 50.0% correction levels of 1.3171 and 61.8% at 1.3121. Quoting quotes from one of the target Fibo levels will allow traders to count on a reversal in favor of the sterling pound and the resumption of growth in the direction of 38.2% and 23.6% at 1.3228. The emerging divergences today are not observed in any indicator.
The Fib net was formed on boundaries from March 11, 2019 and March 13, 2019.
Recommendations to traders:
Purchases of the GBP / USD pair can be carried out with targets at 1.3220 and 1.3281 and a Stop Loss order under the level of 50.0% if the pair bounces off the level of 1.3171 on the hourly chart.
Sales of the GBP/USD pair can be made with the target at 1.3121 and a Stop Loss order above the 50.0% level if the pair closes below the correction level of 1.3171 on the hourly chart.The material has been provided by InstaForex Company - www.instaforex.com