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06.08.201811:34 Forex Analysis & Reviews: Analysis of GBP / USD Divergences as of August 6. There are no divergences, the pound continues to fall after the euro

Long-term review

4h

Exchange Rates 06.08.2018 analysis

The quotes of the currency pair GBP / USD on the 4-hour chart completed the closing at the corrective level of 200.0% - 1.3047 and continue the process of falling towards the next correction level of 261.8% - 1.2638. Brewing divergences on August 6 cannot be seen in any indicator. Fixing the quotes above the level of Fibo 200.0% will work in favor of the British pound and will allow for some growth of the pair in the direction of the correction level of 161.8% - 1.3301.

The Fibo grid is built on extremes from March 1, 2018, and April 17, 2018.

1h

Exchange Rates 06.08.2018 analysis

On the hourly chart, the pair retreated from the correction level of 76.4% to 1.3018 and resumed the drop to the corrective level of 100.0% to 1.2958. On August 6, there are no indicators of brewing divergences. Quit the quotes of the pair from the Fibo level of 100.0% will allow counting on a turn in favor of the British currency and some growth in the direction of the correction level of 76.4% - 1.3018. The consolidation of the pair's rate under the Fibo level of 100.0% will work in favor of a further drop in quotations towards the next correction level of 127.2% - 1.2889.

The Fibo grid is built on extremes from July 19, 2018, and July 26, 2018.

Recommendations for traders:

Purchases of the GBP / USD pair can be carried out for the purpose of 1,3018 and a Stop Loss order under the correction level of 100.0% if the Fibo level breaks off at 1.2958 (hourly chart).

The GBP / USD pair can now be traded with a target of 1,2958 and a Stop Loss order above the correction level of 76.4% since there has been a retreat from the Fibo level of 1.3018.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Samir Klishi,
Analytical expert
InstaForex Group © 2007-2021
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