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 September 21. The bullish divergence sent the pound to new heights

September 22, 2018 Analytics

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4h

The bullish divergence of the CCI indicator allowed the GBP / USD currency pair to resume the growth process in the direction of the corrective level of 38.2% – 1.3316. Today, there are no new brewing divergences in any indicator. The pair’s retreat from the Fibo level of 38.2% will allow traders to count on a reversal in favor of the US dollar and a slight drop towards the correction level of 23.6% to 1.3067. Fixing the quotes above the Fibo level of 38.2% will increase the chances of continuing growth towards the next correction level of 50.0% – 1.3516.

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

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On the hourly chart, the pair executed a reversal in favor of the British currency and a rise to the correction level of 200.0% – 1.3301 with a rebound from it. As a result, a reversal in favor of the US dollar began and a drop in the direction of the corrective level of 161.8% – 1.3202 began. Brewing divergences are not observed today. Fixing the quotes above the Fibo level of 200.0% will increase the chances for further growth in the direction of the next correction level of 261.8% – 1.3462.

The Fibo grid is built on extremes from August 30, 2018, and September 5, 2018.

Recommendations for traders:

Purchases of the GBP / USD currency pair can be carried out for the purpose of 1.3462 and a stop loss order under the correction level of 200.0% if a close above the Fibo level is 1.3301 (hourly chart).

Sales of the GBP / USD currency pair can now be carried out with a target of 1.3202 and a Stop Loss order above the level of 200.0%, since the pair has completed the retreat from the Fibo level 1.3301.

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

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