FX.co ★ GBP/USD. February 5. The pound has almost reached the first goal and is preparing for a new fall!

GBP/USD-4H.

Good day, dear traders! In the last few reviews, I have pointed out that the global correction line now plays a key role in determining the mood of traders. Yesterday, the quotes of the pound-dollar pair performed another rebound from this line with the formation of a bullish divergence in the CCI indicator and began the growth process. I recommended buying a pound if the rebound is performed. The goals were given as follows: 1.3074 and 1.3107. At the moment, the first goal has been worked out. The pair may continue to grow in the direction of the second one. The rebound of quotes from any of them will work in favor of the US currency and the resumption of the fall in the direction of the global correction line. Above the level of 1.3107, I would not recommend holding purchases. The information background of the first half of the day helped bull traders, but it is unknown whether the bullish mood will continue in the second half of the day when important reports will be released in the US on the labor market, as well as on business activity in the service sector. At this time, traders can expect a reversal in favor of the US dollar and a resumption of the fall. In any case, before such important news, I would not risk staying in purchases.

Forecast for GBP/USD and trading recommendations:

The new trading idea is to sell the pound when it is fixed under the correction line with the goal of 1.2904 (the first goal, the drop in quotes can be much stronger). It is possible to keep purchases open with targets at 1.3074 and 1.3107 based on a clear signal from the correction line and the Fibo level of 76.4% until any goal is worked out and before the release of American reports today.