Indicator analysis. Daily review of GBP / USD pair on May 31, 2018

On Thursday, the following strong calendar news comes out:

14.00 London time. USD, the index of unfinished sales in the real estate market (m / m) (Apr), the expected value is 1.1%, the previous value of 0.4%;

15.00 London time. USD, crude oil reserves, the expected value is 2.214M compared to the previous value of 5.778M.

Trend analysis (Figure 1).

On Wednesday, the price moved down and almost reached 50.0% of the recession level 1.3179 (blue dotted line), but traders started fixing their profits too early, after which the price went up. On Thursday, the price will most likely continue to move up. A complex analysis will more accurately determine where the price will go next.

gbpusd-d1-instaforex-group.png

Fig. 1 (daily chart).

The system of ADX indicators (Figure 1).

On the last run, the fast line (indicator 5 - white) and the slow line (indicator period 8 - blue) moved up. In this case, the trend should be determined by trend type indicators.

Complex analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- volumes - upwards;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger lines - down;

- Weekly schedule - down.

General conclusion:

On Thursday, the GBP / USD pair will move upward towards the first goal at 1.3374 (yellow dotted line) with a recoil level of 14.6%.

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