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13.08.201811:00 Forex Analysis & Reviews: Analysis of GBP / USD Divergences on August 13. Pound sterling may start a pullback

Long-term review

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Exchange Rates 13.08.2018 analysis

On the 4-hour chart, quotations of the GBP / USD pair continue the decline in the direction of the correction level of 261.8% at 1.2638. The bullish divergence of the CCI indicator was formed today, which allows us to count on a reversal in favor of the British currency and some growth in the direction of the corrective level of 200.0% at 1.3047. Passage by the pair on the last low divergence will work in favor of resuming the fall in the direction of the correction level of 261.8%. The pair's retracement from the Fibo level of 261.8% will allow for some growth.

The Fibo grid was established on the boundaries from March 1, 2018 and April 17, 2018.

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Exchange Rates 13.08.2018 analysis

On the hourly chart, the pair completed the fixation at the correction level of 161.8% at 1.2800. As a result, the process of falling can be continued in the direction of the next correction level of 200.0% at 1.2702. Brewing divergences are not observed today. The pair's retracement from the Fibo level of 200.0% will allow us to count on a reversal in favor of the currency of England and a slight increase in the direction of the correction level of 161.8%. Fixing the quotes below the Fibo level of 200.0% will increase the likelihood of a further decline in the direction of the next correction level of 261.8% at 1.2548.

The Fibo grid was established on the boundaries from July 19, 2018 and July 26, 2018.

Recommendations for traders:

Purchases of the GBP / USD pair will be possible with a target of 1.2800 and a stop loss order under the correction level of 200.0% if the Fibo 1.2702 (hourly chart) breaks out.

New sales of the GBP / USD pair will be possible with the goal of 1.2548 and a Stop Loss order above the correction level of 200.0% if there is a close under the Fibo level 1.2702.

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

Samir Klishi,
Analytical expert of InstaForex
© 2007-2021
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