On Thursday, there is no expected strong calendar news and the market will work on technical analysis.
Trend analysis (Figure 1).
On Wednesday, the price continued to move up. The market moved upward to test, but it could not overcome 21 average EMA, The market moved upward to test, but could not overcome the 21-day EMA. Therefore on Thursday, there could be a second attempt to work upward. A complex analysis will more accurately determine where the price will go next.
Fig. 2 (daily chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- volumes - down;
- candle analysis - down;
- trend analysis - up;
- Bollinger lines - down;
- Weekly schedule - up.
General conclusion:
On Thursday, it is possible for the GBP / USD pair to move up towards the first target 1.3462 with a recoil level of 23.6% (yellow dotted line).
The material has been provided by InstaForex Company - www.instaforex.com