On Thursday, the following strong calendar news comes out:
- 8.30 London time. GBP, the volume of production in manufacturing (m / m) (mar), the expected value is -0.2% compared the previous value of -0.2%;
- 11.00 London time. GBP, the Bank of England's inflation report;
- 11.00 London time. GBP, the decision on the interest rate (May), the expected value is 0.50%, compared to the previous value of 0.50%;
- 12.30 London time. GBP, the decision on the interest rate (May), the expected value is 0.2% compared to the previous value of 0.2%.
Trend analysis (Figure 1).
On Wednesday, the price continued to move in the side channel. On Thursday, the market will move up in the side channel prior to the release of the report. But after the news at 11.00 London time, there is more likelihood of a decline. A complex analysis will more accurately determine where the price will go next.
Fig. 2 (daily chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - down;
- volumes - upwards;
- candlestick analysis - up;
- trend analysis - down;
- Bollinger lines - down;
- Weekly schedule - down.
General conclusion:
On Thursday, before the news, the market will move up in the side channel, while after the news at 11.00 London time, there is more probability of a decline towards the first target of 1.3485 on the lower fractal.
The material has been provided by InstaForex Company - www.instaforex.com