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GBP/USD - 4H.
On December 4, the GBP/USD pair shows a great desire to continue the growth and fulfilled the correction level of 76.4% (1.3044). Thus, the pair's quotes have been going to this level for a long time, now the moment of truth has come. The rebound of the pound-dollar pair from this level will allow us to count on a reversal in favor of the US dollar and some fall towards the level of 61.8% (1.2836). Closing the pair above 1.3044 will significantly increase the pair's chances of further growth in the direction of the correction level of 100.0% (1.3378). Today, the divergence is not observed in any indicator.
The pound rebounded after more than a month of trading in a side corridor, which was able to leave only yesterday. It may seem that now traders rush to buy the "Briton", but with the growth of optimism of traders about the upcoming elections to the US parliament, there is a growing danger that the conservatives will not gain the necessary number of votes and the whole process of Brexit will be delayed for an indefinite period. Moreover, what about the growth of the currency, which is not based on anything? After all, in the last two months, the British pound has been growing solely on expectations that Brexit will be implemented before the end of January, and Brexit "No Deal" will be avoided. What if there is no Brexit until the end of January? The pound will "return" everything back and fall down points by 500-600? At the same time, economic data from the UK are completely ignored by the markets, which causes even more fears for the future of the pound.
Based on this, I believe that buying too much of the pound is dangerous now. No one knows how the election will end, how many seats in parliament will be occupied by coalition deputies who will oppose Boris Johnson and his plan to leave the EU at any cost.
Forecast for GBP/USD and trading recommendations:
The pound-dollar pair resumed the growth process, which is very difficult for traders to win back. The rebound of quotes from the correction level of 1.3044 may be the beginning of a new fall in the pair's rate, which is quite appropriate to win back. But I advise you to buy the pound if the consolidation above the Fibo level of 76.4% is performed with the target of 100.0% (1.3378).
The Fibo grid is based on the extremes of March 13, 2019, and September 3, 2019.
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