Indicator analysis. Daily review of GBP / USD pair for May 9, 2018

On Wednesday, the following strong calendar news comes out:

- 12.30 London time, USD, producer price index (PPI) (m / m) (Apr), the expected value is 0.2% compared to the previous value of 0.3%;

- 14.30 London time, USD, stocks of crude oil, the expected value is -1.167M compared to the previous value of 6.218M.

Trend analysis (Figure 1).

On Tuesday, the price moved in the side channel. On Wednesday, there is a high probability for the market to continue its downtrend. A complex analysis will more accurately determine where the price will go next.

gbpusd-d1-instaforex-group.png

Fig. 2 (daily chart).

Complex analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candle analysis - neutral;

- trend analysis - down;

- Bollinger lines - down;

- Weekly schedule - down.

General conclusion:

On Wednesday, the GBP / USD pair will move down towards the first target of 1.3462 with 38.2% retracement level.

The material has been provided by InstaForex Company - www.instaforex.com