GBP/USD - 4H.
On January 7, the GBP/USD pair rebounded from the correction level of 50.0% (1.3209) and the upper line of the downward trend corridor. Thus, these rebounds made it possible to perform a reversal in favor of the US dollar and resume the process of falling within the main trend in the direction of the correction level of 0.0% (1.2904). At the moment, the extremely small correction line that supports the current pullback remains in force. The closing of the pair's rate under this line will be another signal for selling the pound with the same goals. Closing quotes above the upper line of the downward corridor will cancel all sell signals. Soon, the pair should break through the correction line. Another test of the upper corridor line may end up closing over it. Today, the divergence is not observed in any one indicator.
Forecast for GBP/USD and trading recommendations:
The current trading idea is to sell the pound with the target of 1.2900 if a signal is received for the continuation of the fall of the pair's quotes in the form of fixing under the correction line. Yesterday's signal - rebound from the Fibo level of 50.0% can be considered complete, as the pair have made a fall to the correction line, which is an obstacle now on the way.
