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15.04.201911:05 Forex Analysis & Reviews: Analysis of GBP/USD divergence for April 15. The pound is trading in a 100 point sideways range

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.

4h

Exchange Rates 15.04.2019 analysis

As seen on the 4-hour chart, the GBP/USD pair performed another close above the Fibo level of 76.4% and then below it. As a result, traders can again expect some drop in quotations in the direction of the retracement level of 61.8% (1.2969). However, the movements in recent days are more like sideways, which is clearly seen on the hourly chart. Thus, the closing above/below the Fibo level of 76.4% is not a strong signal to buy or sell. There are no emerging divergences today.

The Fibo grid is built according to the extremums of September 20, 2018, and January 3, 2019.

1h

Exchange Rates 15.04.2019 analysis

As seen on the hourly chart, the pair quotes rebounded from the retracement level of 50.0% (1.3122), but the bullish divergence at the CCI indicator worked in favor of the British currency and consolidation above the Fibo level of 38.2% (1.3087). As a result, the pair can return to the retracement level of 50.0%. The new consolidation below the Fibo level of 38.2% can be interpreted as a reversal in favor of the American currency and we can expect a new drop in quotations in the direction of the retracement level of 23.6% (1.3046).

The Fibo grid is built according to the extremes of March 27, 2019, and March 29, 2019.

Trading recommendations:

Buy deals on GBP/USD pair can be opened with a target at 1.3122 and a stop loss order under the retracement level of 38.2% as the pair completed closing above the level of 1.3087 (hourly chart).

Sell deals on GBP/USD pair can be opened with the target at 1.3046 and a stop loss order above the level of 38.2% if the pair closes below the level of 1.3087 (hourly chart).

Samir Klishi
Analytical expert of InstaForex
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