Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Analysis of GBP / USD Divergences as of August 6. There are no divergences, the pound continues to fall after the euro

August 7, 2018 Analytics

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4h

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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

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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 material has been provided by InstaForex Company – www.instaforex.com

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