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 the GBP / USD Divergences for September 28th. The bullish divergence may help the pound to resume growth

September 29, 2018 Analytics

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4h

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Quotes of the currency pair GBP / USD made a return to the correction level of 23.6% – 1.3067. On September 28, the bullish divergence of the indicator CCI is brewing. The formation of a divergence will allow one to expect some growth of the pair in the direction of the correctional level of 38.2% – 1.3316 and may coincide with a rebound from the Fibo level of 23.6%. Fixing the pair below the correction level of 23.6% will increase the likelihood of the fall continuing in the direction of the next fib level of 0.0% – 1.2662.

The Fibo grid was built according to extremums of April 17, 2018, and August 15, 2018.

1h

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On the hourly chart, the currency pair continues the process of falling and performed consolidation below the Fibo level of 38.2% – 1.3101. As a result, the fall in quotations can be continued on September 28 in the direction of the next correction level of 50.0% – 1.3041. Brewing divergences on the current chart are not observed. Rebounding the pair’s quotes from the Fibo level of 50.0% will allow traders to count on a turn in favor of the British currency and some growth in the direction of the correctional level of 38.2%.

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

Recommendations for 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 the rebound from the Fibo level 1.3041 (hourly chart) occurs or with the target of 1.3176 if there is a closing above the Fibo 38.2%, or when rebounding at 4-hour chart from Fibo level 23.6%, especially with the formation of bullish divergence.

The currency pair GBP / USD can be sold now with a target of 1.3041 and a Stop Loss order above the level of 38.2%, as the pair completed the closure below the Fibo level of 1.3101 (hourly chart).

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

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