GBP Initiates an Upward Trend. This overview also encompasses the movements of EUR, JPY, CHF, AUD, Brent, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD has expanded the downward consolidation range to 1.0875. The market is currently in the process of forming an upward link, stretching the range to 1.0913. Upon reaching this level, a new decline wave to 1.0838 could initiate. This marks the initial target.
GBP/USD (British Pound vs US Dollar)
GBP/USD is persisting in the development of an upward structure towards 1.2742. This growth is perceived as a correction of the preceding decline wave. Following the completion of this correction, a new decline wave towards 1.2590 is anticipated to commence. This serves as the initial target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY is ongoing in the development of a consolidation range around 148.01. Today, the market has expanded the range to 148.53 and might retract to 147.36. Upon reaching this level, a new growth structure towards 149.17 is projected to commence.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF is in the process of developing a correction towards 0.8585. Following its completion, a new growth wave towards 0.8710 is anticipated to initiate. This represents a local target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD is actively forming a consolidation range around 0.6589. A growth link towards 0.6614 is predicted to take shape today. Upon reaching this level, a new decline wave towards 0.6498 might commence. This stands as the initial target.
BRENT
Brent has established a growth structure towards 80.54. A potential correction link towards 79.55 is not ruled out today (a test from above). Following this, the growth wave could persist towards 81.30, where the trend might extend to 82.50. This signifies a local target.
XAU/USD (Gold vs US Dollar)
Gold is continuing to develop a consolidation range around 2025.25. Today, the range might expand to 2040.40. Subsequently, a new decline structure towards 1988.00 might initiate. This serves as the initial target.
S&P 500
The stock index is ongoing in the development of a consolidation range around 4851.0 without a distinct trend. An upward escape from the range could lead to an extension of the growth wave towards 4875.0. Conversely, a downward escape might form a correction link towards 4795.5. Once the correction concludes, a new growth structure towards 4875.0 is not excluded, followed by a decline towards 4715.0. This marks the initial target.
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