4h
The GBP / USD currency pair on the 4-hour chart, after rebounding from the Fibo level of 127.2% - 1.2491 and consolidation above the level of 100.0% - 1.2662, continues the growth process in the direction of the correctional level of 76.4% - 1.2812. There are no indicators of ripening divergences on January 7th. Rebound of the pair from the Fibo level of 76.4% will work in favor of the US currency and some fall towards the level of 100.0%. Closing quotations above the Fibo level of 76.4% will increase the chances of continued growth towards the next correction level of 61.8% - 1.2905.
The Fibo grid was built on extremes from August 15, 2018, and September 20, 2018.
1h
On the hourly chart, the quotes of the pair completed above the correction level of 76.4% - 1.2725. As a result, the growth process can be continued today in the direction of the next correction level of 100.0% - 1.2815. Bearing divergence is brewing at the CCI indicator. Its education will allow us to count on a turn in favor of the US currency and a return to the Fibo level of 76.4%. Fixing the pair below this level will increase the likelihood of a further fall in the direction of the next correction level of 61.8% - 1.2669.
The Fibo grid is built on extremes from December 31, 2018, and January 3, 2019.
Recommendations to traders:
Purchases of the GBP / USD currency pair can be carried out now with a target of 1.2815 and a Stop Loss order below the level of 76.4%, as the pair completed the close above the Fibo level of 1.2725 (hourly chart) and hold them until a bearish divergence is formed.
Sales of the GBP / USD currency pair can be carried out with a target of 1.2669 and a Stop Loss order above the level of 76.4% if the pair closes below the level of 1.2725 (hourly chart).
