4h
On the 4-hour chart, the quotes of the GBP / USD currency pair resumed the process of falling towards the correctional level of 0.0% - 1.2662. There is no indicator of the emerging divergences today. Rebound of the pair from the Fibo level of 0.0% will allow traders to expect a reversal in favor of the British currency and a slight increase in the direction of the 23.6% correction level of 1.3067. For a more detailed picture, go to the hourly chart.
The Fibo grid was built according to extremums of April 17, 2018, and August 15, 2018.
1h
On the hourly chart, the pair consolidated below the correctional level of 100.0% - 1.2924 and continues the process of falling, after the formation of a bearish divergence at the CCI indicator. Thus, the fall of the pair can be continued on October 25 in the direction of the correction level of 127.2% - 1.2833. There are no emerging divergences today. Rebounding the pair from the Fibo level of 127.2% will make it possible to expect a turn in favor of the British currency and some growth in the direction of the correction level of 100.0%.
The Fibo grid was built on extremes from October 4, 2018, and October 12, 2018.
Recommendations to traders:
Purchases of the GBP / USD currency pair can be made with a target of 1.2924 and a Stop Loss order under the correction level of 127.2% if the pair bounces off the level of 1.2833 (hourly chart).
The currency pair GBP / USD can be sold now with a target of 1.2833 and a Stop Loss order above the level of 100.0%, as the pair completed closing below the Fibo level of 1.2924 (hourly chart).
The material has been provided by InstaForex Company -
www.instaforex.com