GBP / USD - 4H.
On November 4, the GBP / USD pair on the 4-hour chart completed a rebound from the correction level of 61.8% - 1.2836 and a reversal in favor of the British pound. As a result, the pair performed growth almost to the top line of the trend corridor, which is still directed more to the side than down. Near this line, traders can count on the pair reversing in favor of the US currency and resuming a decline in the direction of the Fibo level of 61.8%. However, fixing quotes over the trend corridor will work in favor of the British currency once again and will allow us to expect further growth of the pound-dollar pair.
In an article on the EUR / USD currency pair, I said that the President of the European Council, Donald Tusk, voiced an opinion that scares many experts, namely the unhealthy interest in the collapse of the European Union in Donald Trump. It's clear that any leader of any country is interested in "weakening his rivals," however, the US president almost openly calls this or that country an enemy, almost openly announces trade wars and often acts in the style not of the president of a great country, diplomatically and tolerantly, but as the leader of a tribe in the stone age. But what does Donald Trump's mood mean for Great Britain, which, I recall, promises Boris Johnson a big trade agreement as soon as the country leaves the EU? I believe that if there is a "big trade agreement", it is clearly not in favor of Britain. Now Trump's goal is to contribute to Britain's quickest exit from the EU, so he's ready to promise anything to speed up the process. If Brexit does take place, then Trump's tonality can change dramatically, as will the attitude towards the UK and Boris Johnson. The fact that this is possible tells us the tone of Trump's statements regarding China and Chinese leader Xi Jinping.
Already, many experts expect a long process of negotiations between Brussels and London regarding trade relations after Brexit. Thus, about the same complexity negotiations can await the UK and the United States. Based on all this, I believe that the most interesting thing for Britain and the pound has only just begun, and it marks a new chapter in the history of the country entitled "Establishing life outside the European Union".
GBP / USD Forecast and recommendations for traders:
The pound-dollar pair rose to the upper line of the corridor, so I expect from it today a reversal in favor of the US dollar and a return to the correction level of 61.8%. It is not known whether a rebound from the corridor line will take place, so there may not be a signal for sales as such. I recommend buying a pair if bull traders will be able to complete the fixation over the trend corridor.
The Fibo grid was built at the extremes of March 13, 2019, and September 3, 2019.