As seen on the 4-hour chart, the GBP/USD continues to trade in a narrow price range. Going beyond it will allow traders to count on the resumption of directional movement. Closing under the "blue" area will work in favor of falling in the direction of the retracement level of 76.4% (1.3094). Closing quotes over the "blue" area will allow expecting growth to the retracement level of 100.0%. The emerging divergences on March 28 are not found in any indicator or on any chart.
The Fibo grid is built on extremes of September 20, 2018, and January 3, 2019.
As seen on the hourly chart, the pair performed a fall below the Fibo level 50.0% (1.3171), after which a reversal in favor of the British currency and closing above this level. As a result, the growth process can be continued in the direction of the retracement level of 38.2% (1.3220). The consolidation of the pair's quotes below the Fibo level of 50.0% will work again in favor of the American currency and the resumption of the fall in the direction of the retracement level of 61.8% (1.3121).
The Fibo grid is built on extremes of 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 below the 50.0% level, as the pair closed above 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 50.0% level if the pair closes below the retracement level of 1.3171 (hourly chart).The material has been provided by InstaForex Company - www.instaforex.com