4h
The currency pair GBP / USD on the 4-hour chart rebounded from the Fibo level of 76.4% - 1.3094 and a slight drop after it, after which the fixation above the correction level of 76.4%. As a result, on January 25, the growth process can be continued in the direction of the next correction level of 100.0% - 1.3300. Closing the rate of the pair below the Fibo level of 76.4% mono will be interpreted as a reversal in favor of the US dollar and expect a slight fall in the direction of the correctional level of 61.8% - 1.2970.
The Fibo grid is built on extremes from September 20, 2018, and January 3, 2019.
1h
On the hourly chart, the currency pair continues the growth process in the direction of the correction level of 200.0% - 1.3192. Today bearish divergence is brewing at the CCI indicator. The education will allow traders to expect a reversal in favor of the American dollar and a slight drop in the direction of the Fibo level of 161.8% - 1.3049. Rebound quotes from the level of 200.0% will similarly work in favor of the beginning of the fall of the pair. Closing above the level of 200.0% will increase the chances of continued growth in the direction of the next correction level of 261.8% - 1.3418.
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 1.3192 and a Stop Loss order below the level of 76.4% since the pair completed the closure above the level of 1.3094 (hourly chart) and hold them until a bearish divergence is formed.
Sales of the GBP / USD currency pair can be made with the target of 1.3049 and a Stop Loss order above the level of 200.0% if the pair bounces off the level of 1.3392 (hourly chart), especially in conjunction with the bearish divergence.
