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08.05.201910:11 Forex Analysis & Reviews: Analysis of GBP/USD divergence on May 8. The pound completed its growth

4h

Exchange Rates 08.05.2019 analysis

As seen on the 4-hour chart, the GBP/USD pair still performed a consolidation under the Fibo level of 76.4% (1.3094), which allows traders to count on the continuation of the fall in the direction of the next retracement level of 61.8% (1.2969). Today, none of the indicators has any emerging divergences. The consolidation of the pair above the Fibo level of 76.4% can be regarded as a reversal in favor of the US dollar and we expect the resumption of the growth of quotations in the direction of the retracement level of 100.0% (1.3296).

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

1h

Exchange Rates 08.05.2019 analysis

As seen on the hourly chart, the GBP/USD pair performed a reversal in favor of the pound and closed above the retracement level of 61.8% (1.3069). As a result, the growth can be continued in the direction of the next retracement level of 76.4% (1.3117). There are no emerging divergences on the hourly chart. The closing of the pair under the Fibo level of 61.8% will work in favor of the US dollar and the resumption of the fall in the direction of the retracement level of 50.0% (1.3031).

The Fibo grid is built according to the extremes of April 3, 2019, and April 25, 2019.

Forecast for GBP/USD and trading recommendations:

Buy deals on GBP/USD pair can be opened with the target at 1.3117 and the stop loss order under the retracement level of 61.8%, as the pair closed above the level of 1.3069 (hourly chart).

Sell deals on GBP/USD pair can be opened with the target at 1.3031 and stop loss above the level of 61.8% if the pair closes below the level of 1.3069 (hourly chart).

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Samir Klishi,
Esperto analitico di InstaForex
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