4h
As seen on the 4-hour chart, the GBP/USD pair performed a return to the retracement level of 76.4% (1.3094). The new release of the pair from this level will again allow traders to expect a reversal in favor of the American currency and the resumption of a fall in the direction of the Fibo level of 61.8% (1.2969). Today, there are no emerging divergences on the chart. Fixing the rate above the retracement level of 76.4% will increase the probability of continued growth of the pair in the direction of the next Fibo level of 100.0% (1.3300).
The Fibo grid is built according to the extremums of September 20, 2018, and January 3, 2019.
1h
As seen on the hourly chart, the pair also fell to the retracement level of 38.2% (1.3087). After the formation of a bullish divergence, the CCI indicator performed a reversal in favor of the British pound and resumed the growth process in the direction of the retracement level of 50.0% (1.3122). Today, there are no emerging divergences on the current chart. The rebound of the pair from the Fibo level of 50.0% will again allow counting on a reversal in favor of the US currency and a slight drop in the direction of the retracement level of 38.2%.
The Fibo grid is built according to the extremums of March 27, 2019, and March 29, 2019.
Trading recommendations:
Buy deals on GBP/USD pair can be opened with targets at 1.3122 and 1.3157 and a stop loss order under the retracement level of 38.2% as bullish divergence was formed (hourly chart).
Sell deals on GBP/USD pair can be opened with the target at 1.3087 and a stop loss order above the level of 50.0% if the pair bounces off the level of 1.3122 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com
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