Indicator analysis. Daily review of GBP / USD pair for May 24, 2018

On Thursday, the following strong calendar news comes out:

- 8.00 London time. GBP, the speech of the head of the Bank of England Karni;

- 8.30 London time. GBP, the volume of retail sales (m / m) (Apr). The expected value is 0.8% compared to the previous value of -1.2%;

- 14.00 London time. USD, sales in the secondary housing market (Apr). The expected value is 5.56M compared to the previous value of 5.60M.

- 17.00 London time. GBP, the speech of the head of the Bank of England Karni.

Trend analysis (Figure 1).

On Wednesday, the price moved down, reached the lower fractal of 1.3299 (red dotted line). On Thursday, it will most likely start rolling back with the first goal of 1.3460 (a retracement level of 14.6%). A complex analysis will more accurately determine where the price will go next.

gbpusd-d1-instaforex-group-2.png

Fig. 2 (daily chart).

Complex analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- volumes - down;

- candlestick analysis - up;

- trend analysis - down;

- Bollinger lines - up;

- Weekly schedule - down.

General conclusion:

On Thursday, the GBP / USD pair moves upward with the first target of 1.3460 (the retracement level of 14.6%).

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