4h
The currency pair GBP / USD on a 4-hour chart completed a return to the correctional level of 61.8% - 1.2970 and rebound from it with a reversal in favor of the American dollar. As a result, on January 23, the fall in quotations began in the direction of the correction level of 50.0% - 1.2869. Overcoming divergences today are not observed in any indicator. Fixing a pair of quotations above the Fibo level of 61.8% will work in favor of the British currency and the resumption of growth in the direction of the correction level of 76.4% - 1.3093.
The Fibo grid is built on extremes from September 20, 2018, and January 3, 2019.
1h
On the hourly chart, the currency pair completed a close above the Fibo level of 127.2% - 1.2916, but on the 4-hour chart, there was a stronger rebound. As a result, for a start, the pair can return to the correction level of 127.2%. Passing a pair on a 4-hour chart, the level of 61.8% will make it possible to count on continued growth in the direction of the correction level of 161.8% - 1.3049 on the hourly chart.
The Fibo grid is built on extremes from December 31, 2018, and January 3, 2019.
Recommendations to traders:
Purchases of the currency pair GBP / USD can be made with the target of 1.3049 and a Stop Loss order below the level of 61.8% if the pair closes above 1.2970 (4-hour chart).
Sales of the currency pair GBP / USD can be carried out now with a target of 1.2869 and a Stop Loss order above the level of 61.8% since the pair completed the rebound from the level of 1.2970 (4-hour chart).