4h
The pair GBP / USD on the 4-hour chart reversed in favor of the British pound sterling and resumed the growth process towards the corrective level of 161.8% - 1.3301. Dying divergences on July 25 are not observed in any indicator. Quit of quotations from the level of Fibo 161.8% will count on a reversal in favor of the US currency and a slight drop in quotations in the direction of the correction level of 200.0% - 1.3047. Securing a pair under the Fibo level of 200.0% will similarly work in favor of the US currency.
The Fibo grid is built on extremes from March 1, 2018 and April 17, 2018.
1h
On the hourly chart, the quotes performed a return to the Fibo level of 50.0% - 1.3160. The pair's retracement from the correction level of 50.0% will allow traders to count on a reversal in favor of the US currency and a slight drop towards the Fibo level of 38.2% - 1.3111. Brewing divergences today can not be seen in any indicator. Fixing quotations above the correction level of 50.0% will increase the likelihood of further growth in the direction of the corrective level of 61.8% - 1.3208.
The Fibo grid is built on extremes from July 9, 2018 and July 19, 2018.
Recommendations for traders:
New purchases of the GBP / USD pair can be opened with a target of 1,3208 and a Stop Loss order under the correction level of 50.0% if a close above the Fibo level is 1.3160 (hourly chart).
The GBP / USD pair can be traded with a target of 1.3111 and a Stop Loss order above the correction level of 50.0% if there is a retreat from the Fibo level of 1.3160.