Trading Conditions
Products
Tools
4h
The GBP / USD currency pair on the 4-hour chart performed a rebound from the Fibo level of 76.4% - 1.2812, also a bearish divergence formed in the CCI indicator. As a result, on December 10, the process of falling quotations continues in the direction of the correction level of 100.0% - 1.2662. New emerging divergences are not observed today. The rebound of the course from the Fibo level of 100.0% will allow traders to count on a reversal in favor of the British currency and some growth in the direction of the correction level of 76.4%. Fixing quotes below the Fibo level of 100.0% will work in favor of continuing to fall in the direction of the correctional level of 127.2% - 1.2491.
The Fibo grid was built on extremes from August 15, 2018, and September 20, 2018.
1h
On the hourly chart, the pair made a fall to the correctional level of 100.0% - 1.2696 and made a turn in favor of the pound sterling with the beginning of growth in the direction of the Fibo level of 76.4% - 1.2809. However, on the current chart, a bearish divergence is on the CCI indicator. If it is formed, the pair can resume falling in the direction of the correction level of 100.0%. Fixing quotes below the Fibo level of 100.0% will increase the chances of the pair to continue falling towards the next correction level of 127.2% - 1.2567.
The Fibo grid is built on extremes from October 30, 2018, and November 7, 2018.
Recommendations to traders:
You can make purchases of the GBP / USD currency pair with a target of 1.2809 and a Stop Loss order under the correction level of 100.0% if the pair bounces off the level of 1.2696 (hourly chart).
Sales of the GBP / USD currency pair can be carried out with a target of 1.2696 and a Stop Loss order over the divergence peak if this divergence is generated by the CCI indicator (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.