4h
As seen on the 4-hour chart, the GBP/USD pair rebounded from the retracement level of 76.4% (1.3098), a reversal in favor of the US dollar and a fall to the Fibo level of 61.8% (1.2969). The end of the quotations of the pair on April 1 from the level of 61.8% will allow us to count on a reversal in favor of the British pound and some growth in the direction of the retracement level of 76.4%. Fixing the pair below the Fibo level 61.8% will work in favor of continuing to fall in the direction of the next retracement level 50.0% (1.2868).
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 pair reversed in favor of the American currency after the end of the retracement level of 61.8% (1.3121) and the fall to the Fibo level of 100.0% (1.2961). The bullish divergence at the CCI indicator worked in favor of the pound sterling and the pair began to return to the retracement level of 76.4% (1.3061). Rebounding the pair from this level will allow us to count on a reversal in favor of the US currency and the resumption of a fall in the direction of the Fibo level of 100.0%. There are no emerging divergences on both charts today.
The Fibo grid is built on the grounds of the extremums from March 11, 2019, and March 13, 2019.
Trading advice:
Buy deals on GBP/USD pair can be opened with the target at 1.3061 and the stop-loss order under the low divergence, as bullish divergence was formed (hourly chart).
Sell deals on GBP/USD pair can be carried out with the target at 1.2961 and a stop-loss order above the level of 76.4% if the pair bounces off the level of 1.3061 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com