Trading Conditions
Products
Tools
4h
On the hourly chart, the pair rebounded again from the retracement level of 38.2% (1.3220) and closed above the Fibo level of 23.6% which is 1.3228. As a result on March 18, the price may continue its growth, heading for the next retracement level of 0.0% which is 1.3380. If case the pair holds under the Fibo level of 23.6%, it will work in favor of the US dollar. So, the pair will resume its decline towards the retracement level of 38.2%. None of the indicators signals looming divergences on the 1-hour presented.
The Fibo grid is built on the grounds of the extremums from March 11, 2019, and March 13, 2019.
Trading advice:
Buy deals on GBP/USD can be opened with the target at 1.3380 and the stop-loss order below the level of 23.6% since the pair has completed the closure above the level of 1.3281 (hourly chart).
Sell deals on GBP/USD can be opened with the target at 1.3220 and the stop-loss order above the level of 23.6% if the pair trades firmly below the correction level of 1.3281 (hourly chart).
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.