4h
The GBP / USD pair on the 4-hour chart made a rebound from the Fibo level of 61.8% - 1.2969, started the growth of quotations and executed a close above the correction level of 76.4% - 1.3094. As a result, on February 26, the pair continues to grow in the direction of the next correction level of 100.0% - 1.3300. A bearish divergence is at the MACD indicator: the last peak of quotes has already exceeded the previous one, which does not correspond to the indicator peaks. The formation of a bearish divergence will allow us to expect a reversal in favor of the US dollar and a slight decline in the pair. Closing quotes below the Fibo level of 76.4% will similarly work in favor of the US currency.
The Fibo grid is built on extremums from September 20, 2018, and January 3, 2019.
1h
On the hourly chart, the pair consolidated above the correction level of 76.4% - 1.3111. Thus, today the growth can be continued in the direction of the Fibo level of 100.0% - 1.3217. None of the indicators have maturing divergences on the current chart. A close of the pair below the Fibo level of 76.4% will work in favor of the American currency and a slight fall in the direction of the correction level of 61.8% - 1.3047.
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 now with a target of 1.3217 and a Stop Loss order below the level of 76.4%, as the pair completed the closure above the level of 1.3111 (hourly chart) and hold them until a bearish divergence is formed on the 4-hour chart.
Sales of the GBP / USD pair can be made with the target of 1.3047 and a Stop Loss order above the level of 76.4% if the pair closes below the level of 1.3111 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com
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