On the 4-hour chart, the pair executed a reversal in favor of the pound sterling and continues the growth process in the direction of the correction level of 161.8% – 1.3076. On July 14, a new bearish divergence is brewing, in MACD indicator: The last peak of quotations may turn out lower than the previous one, and the analogous peak of the indicator is higher than the previous one. Bearish divergence will allow traders to count on a reversal in favor of the US currency and a slight drop towards the corrective level of 100.0% – 1.2707.
On the 24-hour chart, without the formation of a bullish signal, the quotes executed a reversal in favor of the currency of England and began to increase in the direction of the Fibo level of 161.8% – 1.3105. Today there are no visible divergents in any indicator. The retracement of the pair’s exchange rate from the correction level of 161.8% will allow to expect a turn in favor of the US currency and a slight drop towards the corrective level of 200.0% – 1.2653. Fixing the quotes above the level of Fibo 161.8% will increase the chances for further growth in the direction of the next correction level of 100.0% – 1.3835.
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