4h
Another bearish divergence, formed by the indicator MACD on the 4-hour chart, allowed the pair GBP / USD to stop the growth process, but again not to start the fall. September 20 is maturing bullish divergence in the CCI indicator. Its formation can work in favor of the British currency and the resumption of growth in the direction of the corrective level of 38.2% - 1.3316. The rebound of quotes from the level of Fibo 23.6% - 1.3067 will similarly work in favor of the beginning of the pair's growth.
The Fibo grid is built on extremes from April 17, 2018, and August 15, 2018.
1h
On the hourly chart, the currency pair retreated from the correction level of 161.8% to 1.3202, the fall to the Fibo level of 127.2% to 1.3112 and the withdrawal from it with a reversal in favor of the pound sterling. As a result, the growth began in the direction of the correctional level of 161.8%. Today, there are no visible divergence in any indicator. Fixing the pair below the Fibo level of 127.2% will work in favor of continuing the fall of quotations towards the next correction level of 100.0% - 1.3043.
The Fibo grid is built on extremes from August 30, 2018, and September 5, 2018.
Recommendations for traders:
Purchases of the GBP / USD currency pair can now be carried out with a target of 1.3202 and a Stop Loss order under the correction level of 127.2%, since there has been a retreat from the Fibo level of 1.3112 (hourly chart).
Sales of the GBP / USD currency pair can be carried out with a target of 1.3043 and a Stop Loss order above the level of 127.2% if the pair completes closing below the Fibo level of 1.3112.