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 for October 1. The pair is going to return to 1.3000

October 2, 2018 Analytics

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4h

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The GBP / USD currency pair reversed in favor of the American currency and consolidation below the Fibo level of 23.6% – 1.3067. As a result, the fall in quotations continues today in the direction of the next correction level of 0.0% – 1.2662. The ripening divergence on October 1 is not observed. Fixing the pair above the Fibo level of 23.6% can be interpreted as a reversal in favor of the British currency and we expect a resumption of growth in the direction of the correctional level of 38.2% – 1.3316.

The Fibo grid was built on extremes from April 17, 2018, and August 15, 2018.

1h

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On the hourly chart, the currency pair continues the process of falling after the formation of a bearish divergence and completed the close below the correction level of 50.0% – 1.3041. Thus, it is expected to continue falling in the direction of the Fibo level 61.8% – 1.2981. There are no maturing divergences on the current chart. Fixing quotes above the correction level of 50.0% will allow traders to rely on some growth of the pair in the direction of the correctional level of 38.2% – 1.3101.

The Fib net is built on extremums from September 5, 2018, and September 20, 2018.

Recommendations to traders:

Purchases of the GBP / USD currency pair can be carried out with the target of 1.3101 and a Stop Loss order under the correction level of 50.0%, if there is a closure above the Fibo level of 1.3041 (hourly chart).

The currency pair GBP / USD can be sold now with a target of 1.2981 and a Stop Loss order above the 50.0% level, as the pair completed the closure below the Fibo level 1.3041 (hourly chart).

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

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