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13.08.201811:00 Forex Analysis & Reviews: Analysis of GBP / USD Divergences on August 13. Pound sterling may start a pullback

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

H4

Exchange Rates 13.08.2018 analysis

On the 4-hour chart, quotations of the GBP / USD pair continue the decline in the direction of the correction level of 261.8% at 1.2638. The bullish divergence of the CCI indicator was formed today, which allows us to count on a reversal in favor of the British currency and some growth in the direction of the corrective level of 200.0% at 1.3047. Passage by the pair on the last low divergence will work in favor of resuming the fall in the direction of the correction level of 261.8%. The pair's retracement from the Fibo level of 261.8% will allow for some growth.

The Fibo grid was established on the boundaries from March 1, 2018 and April 17, 2018.

H1

Exchange Rates 13.08.2018 analysis

On the hourly chart, the pair completed the fixation at the correction level of 161.8% at 1.2800. As a result, the process of falling can be continued in the direction of the next correction level of 200.0% at 1.2702. Brewing divergences are not observed today. The pair's retracement from the Fibo level of 200.0% will allow us to count on a reversal in favor of the currency of England and a slight increase in the direction of the correction level of 161.8%. Fixing the quotes below the Fibo level of 200.0% will increase the likelihood of a further decline in the direction of the next correction level of 261.8% at 1.2548.

The Fibo grid was established on the boundaries from July 19, 2018 and July 26, 2018.

Recommendations for traders:

Purchases of the GBP / USD pair will be possible with a target of 1.2800 and a stop loss order under the correction level of 200.0% if the Fibo 1.2702 (hourly chart) breaks out.

New sales of the GBP / USD pair will be possible with the goal of 1.2548 and a Stop Loss order above the correction level of 200.0% if there is a close under the Fibo level 1.2702.

Samir Klishi
Analytical expert of InstaForex
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