4h
As seen on the 4-hour chart, the GBP/USD pair made another rebound from the retracement level of 76.4% (1.3094) with a turn in favor of the US dollar. Thus, on April 12, the fall in quotations can be continued in the direction of the Fibo level of 61.8% (1.2969). Today, emerging divergences are not observed in any indicator. Closing the pair above the retracement level of 76.4% will allow traders to count on a further increase in the direction of the retracement level of 100.0% (1.3296).
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 fell once again to the retracement level of 23.6% (1.3046) and made a reversal in favor of the British pound. As a result, the pair is growing again in the direction of the retracement level of 38.2% (1.3087). The rebound of quotes from this level of Fibo will allow traders to expect a reversal in favor of the American currency and a new fall in the direction of the retracement level of 23.6%. Closing a pair above the Fibo level of 38.2% will increase the chances of continued growth towards the next retracement level of 50.0% (1.3122).
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% if the pair closes above 1.3087 (hourly chart).
Sell deals on GBP/USD pair can be opened with the target at 1.3046 and a stop loss order above the level of 38.2% if the pair bounces off the level of 1.3087 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com