4h
The currency pair GBP / USD on the 4-hour chart completed closing above the Fibo level of 76.4% - 1.3098. Thus, on January 29, the growth process can be continued in the direction of the next correction level of 100.0% - 1.3300. Bovine divergence at CCI indicator is brewing, which increases the likelihood of resumption of growth in the direction of the correctional level of 100.0%. Closing a pair below the Fibo level of 76.4% will work in favor of the American dollar.
The Fibo grid is built on extremums from September 20, 2018, and January 3, 2019.
1h
On the hourly chart, the currency pair completed under the correction level of 200.0% - 1.3192. As a result, the process began to fall in the direction of the Fibo level of 161.8% - 1.3044. None of the indicators have ripening divergences. Fixing a pair of quotes above the correction level of 200.0% will work in favor of the pound sterling and the resumption of growth in the direction of the 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 currency pair GBP / USD can be carried out with the target of 1.3418 and a Stop Loss order below the level of 200.0% if the pair closes above the level of 1.1919 (hourly chart).
The currency pair GBP / USD can be sold now with the target at 1.3044 and a Stop Loss order above the level of 200.0%, as the pair completed the closure below the level of 1.3192 (hourly chart).
