4h

The GBP / USD currency pair on the 4-hour chart performed a rebound from the Fibo level of 76.4% - 1.2812, also a bearish divergence formed in the CCI indicator. As a result, on December 10, the process of falling quotations continues in the direction of the correction level of 100.0% - 1.2662. New emerging divergences are not observed today. The rebound of the course from the Fibo level of 100.0% will allow traders to count on a reversal in favor of the British currency and some growth in the direction of the correction level of 76.4%. Fixing quotes below the Fibo level of 100.0% will work in favor of continuing to fall in the direction of the correctional level of 127.2% - 1.2491.

The Fibo grid was built on extremes from August 15, 2018, and September 20, 2018.

1h

On the hourly chart, the pair made a fall to the correctional level of 100.0% - 1.2696 and made a turn in favor of the pound sterling with the beginning of growth in the direction of the Fibo level of 76.4% - 1.2809. However, on the current chart, a bearish divergence is on the CCI indicator. If it is formed, the pair can resume falling in the direction of the correction level of 100.0%. Fixing quotes below the Fibo level of 100.0% will increase the chances of the pair to continue falling towards the next correction level of 127.2% - 1.2567.

The Fibo grid is built on extremes from October 30, 2018, and November 7, 2018.

Recommendations to traders:

You can make purchases of the GBP / USD currency pair with a target of 1.2809 and a Stop Loss order under the correction level of 100.0% if the pair bounces off the level of 1.2696 (hourly chart).

Sales of the GBP / USD currency pair can be carried out with a target of 1.2696 and a Stop Loss order over the divergence peak if this divergence is generated by the CCI indicator (hourly chart).