4h
The currency pair GBP / USD on the 4-hour chart, after the bullish divergence of the CCI indicator, reversed in favor of the British currency and began a weak growth in the direction of the correction level of 200.0% - 1.3047. The passage on August 14 of the last low divergence will work in favor of the US currency and the resumption of a decline towards the correctional level of 261.8% - 1.2638. Fixing the pair under the Fibo level of 261.8% will work in favor of continuing the fall towards the next correction level of 323.6% - 1.2230.
The Fibo grid is built on extremes from March 1, 2018, and April 17, 2018.
1h
On the hourly chart, the pair completed the fixation below the Fibo level of 161.8% - 1.2800. As a result, the process of falling can be continued in the direction of the correction level of 200.0% - 1.2702. There are no maturing divergences today. The rebound of quotes from the Fibo level of 200.0% will allow us to expect some growth in the direction of the correction level of 161.8%. The pair's retracement from the correction level of 161.8% will work in favor of the resumption of the fall towards the corrective level of 200.0%.
The Fibo grid is built on extremes from July 19, 2018, and July 26, 2018.
Recommendations for traders:
Purchases of the GBP / USD pair will be possible with the target of 1.2888 and a Stop Loss order under the correction level of 261.8% if there is a close above the Fibo level of 1,2800 (hourly chart).
New sales of the GBP / USD pair will be possible for the purpose of 1.2702 and a Stop Loss order above the correction level of 161.8% if there is a retreat from the Fibo level of 1.2800.
