empty
 
 
03.04.2019 12:53 PM
Analysis of GBP/USD divergence for April 3. The pound once again pulled up

4h

This image is no longer relevant

As seen on the 4-hour chart, the pair GBP/USD performed a reversal in favor of the pound and consolidation above the retracement level of 76.4% - 1.3094. As a result, on April 3, the growth process can be continued in the direction of the next Fibo level of 100.0% (1.3300). Today, emerging divergences are not observed in any indicator. The closing of the pair under the retracement level of 76.4% can be interpreted as a reversal in favor of the American currency and one can expect a slight fall towards the Fibo level of 61.8% (1.2969).

The Fibo grid is built according to the extremes of September 20, 2018, and January 3, 2019.

1h

This image is no longer relevant

As seen on the hourly chart, the pair completed a close above the Fibo level of 61.8% (1.3121), which allows it to continue the growth process in the direction of the retracement level of 50.0% (1.3171). The retreat of quotations from this level will allow us to expect a reversal in favor of the US dollar and a slight drop in the direction of the retracement level of 61.8%. The consolidation of the pair's rate under the level of 61.8% will increase the probability of falling in the direction of the next retracement level of 76.4% (1.3061).

The Fibo grid is based on the grounds from the extremums of March 11, 2019, and March 13, 2019.

Trading recommendations:

Buy deals on GBP/USD pair can be opened with the target at 1.3171 and a stop-loss order under the retracement level of 61.8%, as the pair completed closing above the level of 1.3121 (hourly chart).

Sell deals on GBP/USD pair can be opened with the target at 1.3061 and a stop-loss order above the level of 61.8% if the pair closes below the level of 1.3121 (hourly chart).

Samir Klishi,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback