On Friday there are the following strong calendar news:
- 8.30 London time. GBP, PMI (May). The expected value is 53.5 compared to the previous value of 53.9;
- 12.30 London time. USD, change in the number of employed in the non-agricultural sector (May). The expected value is 189K compared to the previous value of 168K;
- 12.30 London time. USD, the unemployment rate (May). The expected value is 3.9% compared to the previous value of 3.9%;
- 14.00 London time. USD, the index of business activity in the manufacturing sector (PMI) from ISM (May). The expected value is 58.2 compared to the previous value of 57.3.
Trend analysis (Figure 1).
On Thursday, the price continued to move up but it is already in the side channel in anticipation of strong Friday news. On Friday, the price will most likely continue its lateral movement. A complex analysis will more accurately determine where the price will go next.
Fig. 1 (daily chart).
Indicator analysis on the daily schedule (Figure 2).
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 indicators of the oscillator type.
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 Friday, the GBP / USD pair will move upward with the first goal at 1.3374 (yellow dotted line) with a recession level of 14.6%.