GBP is currently experiencing a downward trend, along with other currencies and assets such as EUR, JPY, CHF, AUD, Brent, Gold, and the S&P 500 index. Let’s take a closer look at some specific currency pairs and assets:
EUR/USD (Euro vs US Dollar)
The currency pair has undergone a correction, reaching 1.0970. Today, a decline towards 1.0903 is anticipated. If this level is breached, further downside potential opens up towards 1.0855, with a possible continuation of the trend to 1.0750.
GBP/USD (Great Britain Pound vs US Dollar)
The currency pair has corrected to 1.2758. The downward wave is expected to continue, potentially reaching 1.2700 today. If this level is also breached, the structure may extend further downwards to 1.2650.
USD/JPY (US Dollar vs Japanese Yen)
The currency pair is currently in an upward wave, aiming for 144.51. However, there is a possibility of a decline to 143.90 following the attainment of this level, followed by a subsequent rise to 144.88.
USD/CHF (US Dollar vs Swiss Franc)
The currency pair is consolidating around 0.8946. Today, an upward movement towards 0.8989 is expected within this range. If the upper range is breached, it could potentially lead to a wave of growth towards 0.9055.
AUD/USD (Australian Dollar vs US Dollar)
The currency pair has broken below the level of 0.6666, completing a downward wave to 0.6620. There is a possibility of a corrective bounce towards 0.6666 (a test from below) today. Subsequently, the trend may continue downward to 0.6610, with a potential extension to 0.6588.
BRENT
Brent is currently in a consolidation range around 74.74. There is a possibility of an extension of this range towards 72.15. If the price breaks out of the range upwards, it could indicate a potential uptrend towards 76.60. Furthermore, if this level is also breached, a wave towards 81.00 might develop.
XAU/USD (Gold vs US Dollar)
Gold is consolidating around 1924.94. It recently broke out of the range to the downside, reaching 1910.94. There is a possibility of a corrective rebound towards 1921.77 (a test from below). However, a decline to 1908.66 may follow, with the potential for the trend to continue to 1905.55.
S&P 500
The S&P 500 index has completed a downward wave structure, reaching 4333.3. Today, there might be a correction towards 4395.5, followed by a decline to 4282.0 (a test from above).
The post Technical Analysis & Forecast for June 28, 2023 appeared first at R Blog – RoboForex.