4h
The currency pair GBP / USD on the 4-hour chart completed growth to the correction level of 100.0% - 1.2662. Quoting the quotes on December 19 from the Fibo level of 100.0% will make it possible to expect a reversal in favor of the American currency and a slight drop in the direction of the correction level of 127.2% - 1.2491. There is no indicator of the emerging divergences today. Fixing the pair above the fibo level of 100.0% will work in favor of continuing growth in the direction of the next correction level of 76.4% - 1.2812.
The Fibo grid is built on extremes from August 15, 2018, and September 20, 2018.
1h
On the hourly chart, the currency pair rebounded from the correction level of 100.0% - 1.2696 with the formation of a bearish divergence at the CCI indicator and a turn in favor of the US dollar. As a result, the fall in quotations can be continued in the direction of the correctional level of 127.2% - 1.2566. Fixing the quotations of the pair above the Fibo level of 100.0% can be interpreted as a reversal in favor of the EU currency and we expect a resumption of growth in the direction of the correctional level of 76.4% - 1.2809.
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 a target of 1.2809 and a Stop Loss order below the level of 100.0% if the pair closes above the correction level of 1.2696 (hourly chart).
Sales of the GBP / USD currency pair can be carried out now with a target of 1.2566 and a Stop Loss order above the level of 100.0%, as the pair completed the rebound from the level of 1.2696 (hourly chart) with the formation of a bearish divergence.
