Long-term review
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4h
The GBP / USD currency pair on the 4-hour chart performed a fall to the Fibo level of 127.2% - 1.2491 and threatens to bounce it off. Also on December 12, bullish divergence is brewing at the CCI indicator. The education may coincide with the rebound from the level of correction of 127.2%. Traders will be able to expect a reversal in favor of the British pound and some growth in the direction of the correctional level of 100.0% - 1.2662. Fixing quotes below the Fibo level of 127.2% will increase the probability of the pair continuing to fall in the direction of the next correction level of 161.8% - 1.2273.
The Fibo grid was built on extremes from August 15, 2018, and September 20, 2018.
1h
On the hourly chart, after the formation of the bearish divergence at the CCI indicator, the quotes resumed falling in the direction of the correction level of 161.8% - 1.2400. A new bullish divergence at the MACD indicator allowed to make a U-turn in favor of the currency of England and begin the process of returning to the Fibo level of 127.2% - 1.2567. A pair of December 12 passes of the last low of a bullish divergence will work in favor of resuming the fall in quotes.
The Fibo grid is built on extremes from October 30, 2018, and November 7, 2018.
Recommendations to traders:
Purchases of the GBP / USD currency pair can be made now with a target of 1.2567 and a Stop Loss order under a bullish divergence low.
Sales of the GBP / USD currency pair can be carried out with the target of 1.2400 and a Stop Loss order above the level of 127.2% if the pair closes below the bullish divergence (hourly chart).
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