4h
As seen on the 4-hour chart, the GBP/USD pair continues the process of falling in the direction of the retracement level of 61.8% (1.2969). The rebound of the pair on May 9 from the Fibo level of 61.8% will allow us to count on a turn in favor of the British pound and a slight increase in the direction of the retracement level of 76.4% (1.30904). There are no emerging divergences today, and the closing of quotations under the Fibo level of 61.8% will increase the probability of a further fall in the direction of the next retracement level of 50.0% (1.2867).
The Fibo grid is built according to the extremes of September 20, 2018, and January 3, 2019.
1h
As seen on the hourly chart, the GBP/USD pair fell to the Fibo level of 38.2% (1.2992), rebounded from it and reversed in favor of the pound. As a result, the process of growth began in the direction of the retracement level of 50.0% (1.3031). The rebound of the pair from this level will allow expecting a reversal in favor of the US currency and the return of the pair to the retracement level of 38.2%. The consolidation of quotations above the Fibo level of 50.0% will increase the chances of continued growth in the direction of the next retracement level of 61.8% (1.3069).
The Fibo grid is built according to the extremes of April 3, 2019, and April 25, 2019.
Forecast and trading recommendations for GBP/USD:
Buy deals on GBP/USD pair can be opened with targets at 1.3031 and 1.3069 and a stop loss order under the retracement level of 38.2% since the pair completed the rebound from the level of 1.2992 (hourly chart).
Sell deals on GBP/USD pair can be opened with targets at 1.2992 and 1.2943 and a stop loss order above the level of 50.0% if the pair bounces off the level of 1.3031 (hourly chart).
