4h
On the 4-hour chart, the GBP / USD currency pair reversed in favor of the British currency and closed above the correction level of 76.4% - 1.2812 after the formation of the bullish divergence of the MACD indicator. As a result, on November 19, the growth process can be continued in the direction of the next correction level of 61.8% - 1.2904. The consolidation of quotations of the pair below the Fibo level of 76.4% can be interpreted as a reversal in favor of the American currency and the resumption of a fall in the direction of the correctional level of 100.0% - 1.2662 is expected.The Fibo grid was built according to extremums of August 15, 2018, and September 20, 2018.1h
On the hourly chart, the pair rebounded from the Fibo level of 61.8% - 1.2878 with the formation of a bearish divergence at the CCI indicator and a fall to the correction level of 76.4% - 1.2809. The end of quotations from the level of 76.4% makes it possible to count on a reversal in favor of the pound sterling and some growth in the direction of the correctional level of 61.8%. Fixing the rate of the pair below the Fibo level of 76.4% will increase the probability of a further fall in the direction of the correction level of 100.0% - 1.2696.The Fibo grid is built on extremes from October 30, 2018, and November 7, 2018.Recommendations to traders:Purchases of the GBP / USD currency pair can be made with the target of 1.2878 and a Stop Loss order under the correction level of 76.4%, since the pair has completed the rebound from the level of 1.2809 (hourly chart).Selling of the currency pair GBP / USD will be possible with the target of 1.2696 and a Stop Loss order above the level of 76.4% if the pair closes below the level of 1.2809 (hourly chart).
