4h
The currency pair GBP / USD on the 4-hour chart completed the close above the Fibo level of 61.8% - 1.2970. As a result, the growth process can be continued in the direction of the next correction level of 76.4% - 1.3093. There is no maturing divergence in any indicator on January 18th. Fixing the quotations of the pair below the Fibo level of 61.8% can be interpreted as a reversal in favor of the American currency and to expect a slight drop in the direction of the correctional level of 50.0% - 1.2869.
The Fibo grid is built on extremes from September 20, 2018, and January 3, 2019.
1h
On the hourly chart, the currency pair resumed growth and completed the close above the correction level of 127.2% - 1.2916. Thus, the growth process can be continued in the direction of the correctional level of 161.8% - 1.3049. There are no maturing divergences on the current chart. Reversing the quotes from the correction level of 161.8% will allow traders to count on a reversal in favor of the US dollar and a slight fall towards the Fibo level of 127.2%.
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 made now with a target of 1.3049 and a Stop Loss order below the level of 127.2% since the pair completed the close above 1.2916 (hourly chart).
Sales of the GBP / USD currency pair can be carried out with a target of 1.2916 and a Stop Loss order above the level of 161.8% if the pair rebounds from the level of 1.3049 (hourly chart).
