4h
The GBP / USD currency pair on the 4-hour chart rebounded from the correction level of 76.4% - 1.2812 with the formation of a bearish divergence in the CCI indicator. As a result, the pair reversed in favor of the US dollar and began the process of falling in the direction of the correctional level of 100.0% - 1.2662. Fixing quotations above the Fibo level of 76.4% will work in favor of the European currency and the resumption of growth in the direction of the correction level of 61.8% - 1.2904.
The Fibo grid was built on extremes from August 15, 2018, and September 20, 2018.
1h
On the hourly chart, the currency pair rebounded from the correctional level of 76.4% - 1.2809 and a turn in favor of the American currency. Thus, the fall in quotations can be continued on December 7 in the direction of the correction level of 100.0% - 1.2696. The ripening divergences are not observed today in any indicator. Fixing the pair above the Fibo level of 76.4% will work in favor of the British currency and the resumption of growth in the direction of the correction level of 61.8% - 1.2878.
The Fibo grid is built on extremes from October 30, 2018, and November 7, 2018.
Recommendations to traders:
New purchases of the GBP / USD currency pair can be made with the target of 1.2878 and a Stop Loss order under the correction level of 76.4% if the pair closes above 1.2809 (hourly chart).
The GBP / USD currency pair can be sold now with a target of 1.2696 and a Stop Loss order above the level of 76.4%, since the rebound from the correction level of 1.2809 (hourly chart) was performed.