4h
As seen on the 4-hour chart, the GBP/USD pair completed a fall to the Fibo level of 61.8% (1.2969), however, there is still no rebound or close below this level. As a result, traders have to wait for either a rebound or a close below this level to determine the direction of trading on April 23. The rebound from 61.8% will allow us to expect a reversal in favor of the pound and some growth in the direction of the retracement level of 76.4% (1.3094). Closing the pair below the Fibo level of 61.8% will increase the chances of continuing the fall towards the next retracement level of 50.0% (1.2868).
The Fibo grid is built according to the extremes of September 20, 2018, and January 3, 2019.
1h
As seen on the hourly chart, the GBP/USD pair performed a return to the retracement level of 100.0% (1.2976) and rebound from this level. As a result, the quotes performed a reversal in favor of the British currency and started new growth in the direction of the retracement level of 76.4% (1.3028). None of the indicators have emerging divergences on the current chart. Closing the course of the pair below the Fibo level of 100.0% will make it possible to expect a slight drop in the direction of the retracement level of 127.2% (1.2917).
The Fibo grid is built according to the extremes of March 29, 2019, and April 3, 2019.
Forecast for GBP/USD and trading recommendations:
Buy deals on GBP/USD pair can be opened with the target at 1.3028 and a stop loss order under the retracement level of 100.0% since the pair completed the rebound from 1.2976 (hourly chart).
Sell deals on GBP/USD pair can be opened with the target at 1.2917 and a stop loss order above the level of 100.0% if the pair closes below the level of 1.2976 (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com