On Friday there is a strong calendar news:
- 8.30 London time. GBP, production in the manufacturing industry (m / m) (Apr). The expected value is -0.2% compared to the previous value of -0.1%.
Trend analysis (Figure 1).
On Thursday, the price continued to move up in the side channel.The market moved upward to test, but it could not overcome 21 average EMA. Therefore on Friday, there could be a second attempt to work upward. A complex analysis will more accurately determine where the price will go next.
Fig. 2 (daily chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- volumes - upwards;
- candle analysis - down;
- trend analysis - up;
- Bollinger lines - down;
- Weekly schedule - up.
General conclusion:
On Thursday, it is possible for the GBP/USD pair to move up towards the first target of 1.3462 with a recoil level of 23.6% (yellow dotted line).
