4h
As seen on the 4-hour chart, the GBP/USD pair performed a new reversal in favor of the British currency and began the process of returning to the Fibo level of 76.4% (1.3094), after the formation of the new bullish divergence of the MACD indicator. The rebound of the pair on April 8 from the level of 76.4% will allow traders to count on a reversal in favor of the American dollar and the resumption of a fall in the direction of the retracement level of 61.8% (1.2969). Closing the pair above the Fibo level of 76.4% will increase the chances of continued growth towards the next retracement level of 100.0% (1.3300).
The Fibo grid is built on the grounds of the extremums from September 20, 2018, and January 3, 2019.
1h
As seen on the hourly chart, the quotes of the pair, without the formation of any signal, performed a reversal in favor of the British pound and consolidation above retracement level of 76.4% (1.3060). As a result, the growth process can be continued in the direction of the next Fibo level of 61.8% (1.3121). There are no emerging divergences on the current chart. The consolidation of quotations back under retracement level of 76.4% can be interpreted as a reversal in favor of the US currency and the resumption of a fall in the direction of the Fibo level 100.0% (1.2961) is expected.
The Fibo grid is built on the grounds of the extremums from March 11, 2019, and March 13, 2019.
Trading recommendations:
Buy deals on GBP/USD pair can be opened with a target at 1.3121 and a stop loss order under the correction level of 76.4% as the pair completed closing above the level of 1.3060 (hourly chart).
Sell deals on GBP/USD pair can be opened with the target at 1.2961 and a stop loss order above the level of 76.4% if the pair consolidates below the level of 1.3060 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com
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