GBP/USD and EUR/USD rebounded on Friday as was expected. Fundamental information was mixed - the unemployment rate and participation rate decreased and increased, respectively, which is good for USD, but nonfarm payrolls were lower than expected, which can be perceived as a slowing US growth momentum. Long term trend indicators show a strong bearish movement, which is supported by overall fundamental environment. However, in short term GBP/USD and EUR/USD can be oversold. At the moment short term trend indicators are in a neutral state. Overall, I will look for points of entry into consolidation phase. ADX h4, MACD h1 are my indicators for the next week.
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