4h
Without the formation of any signal, the currency pair GBP / USD executed a reversal in favor of the US dollar and falling to the level of Fibo 23.6% - 1.3067. Quits from this level will allow traders to expect a reversal in favor of the British pound and some growth in the direction of the correction level of 38.2% - 1.3316. There are no maturing divergences today. The consolidation of the pair's rate below the Fibo level of 23.6% will increase the probability of further decline in the direction of the correction level of 0.0% - 1.2662.
The Fibo grid is built on extremes from April 17, 2018, and August 15, 2018.
1h
On the hourly chart, the pair executed a reversal in favor of the US currency and secured a 127.2% - 1.3112 correction at the corrective level. Thus, on September 24, the drop in quotations may resume in the direction of the next Fibo level of 100.0% - 1.3043. Today, there are no visible divergence in any indicator. The pair's exit from the correction level of 100.0% will allow counting on a turn in favor of the English currency and a return to the correction level of 127.2%. Fastening the pair below the Fibo level of 100.0% will work in favor of a further fall.
The Fibo grid is built on extremes from August 30, 2018, and September 5, 2018.
Recommendations for traders:
Purchases of the GBP / USD currency pair will be possible with targets of 1.3112 and 1.3202 and a Stop Loss order under the correction level of 100.0% if there is a retreat from the Fibo level 1.3043 (hourly chart) or rebound from 1.3067 (23.6% on the 4-hour chart).
New sales of the GBP / USD currency pair will be possible with the target of 1.2982 and a Stop Loss order above the level of 100.0% if the pair completes closing below the Fibo level 1.3067 or 1.3043 (hourly chart).
The material has been provided by InstaForex Company -
www.instaforex.com