GBP‘s downtrend continues. In this overview, we’ll also analyze the movements of EUR, JPY, CHF, AUD, Brent, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD has completed a corrective wave to 1.0596. Today, the market is poised to continue a declining wave towards 1.0500. After reaching this level, a consolidation range might form. If the price breaks out of this range downwards, it could initiate a declining wave to 1.0433. This is the first target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has finished a corrective wave at 1.2160. Currently, the market is continuing to form a declining wave towards 1.2080. After reaching this level, a consolidation range might develop. If the price breaks out of this range downwards, it could open the potential for a declining wave to 1.2000. This is a local target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY has concluded a declining wave at 149.74. At the moment, the market is forming a consolidation range around this level. An escape from the range and further development of the wave towards 149.00 is expected. This is a local target. After reaching this level, a correction to 149.70 could follow, with a test from below. Subsequently, a decline to 148.75 might occur. This is the first target.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF is continuing its upward wave to 0.9050, and after reaching this level, a correction to 0.9000 might follow, with a test from above. Next, a rise to 0.9091 could be in store. This is a local target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has undergone a correction to 0.6358. Another correction to 0.6363 is possible, followed by a decline to 0.6288. This is a local target.
BRENT
Brent has completed an upward wave to 86.36. Today, the market might correct to 87.90. After the price reaches this level, a new upward wave to 91.00 might initiate, with the potential to extend to 92.50. This is a local target.
XAU/USD (Gold vs US Dollar)
Gold is maintaining a consolidation range around 1977.00. Today, the market has expanded the range to 2009.20. Next, a decline to 1953.00 is anticipated. If this level is breached downwards, the potential for a declining wave to 1896.40 might open. This is the first target.
S&P 500
The stock index has completed a declining wave to 4102.5. A correction to 4185.0 might occur today, with a test from below. After the correction is over, a decline to 4143.0 is expected.
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