Technical Analysis: Pound Forms Descending Impulse

EUR/USD
The euro expanded its consolidation upwards and is still moving inside ascending channel. We think, today the the price may fall down to expand this consolidation channel downwards. The first target is at level of 1.3754.




GBP/USD
The pound continues forming descending impulse. We think, today the price may reach the first target at level of 1.6740, grow up to return to 1.6780, and then continue falling down towards level of 1.6640.




USD/CHF
The Franc is still moving inside descending structure. We think, today the price may fall down to reach level of 0.8730 and then start new correction towards level of 0.8840.




USD/JPY
The yen is still consolidating; market completed another descending structure and reached new minimum. We think, today the price may continue falling down towards level of 100.00 without returning to level of 103.00. Alternative scenario implies that pair may start new correction towards level of 103.00 and only after continue moving downwards to reach level of 100.00.




AUD/USD
The Australian dollar is forming the second descending impulse. We think, today price may correct this impulse towards level of 0.9400 and then form the third descending wave with target at 0.9330. Later, in our opinion, instrument may continue forming head & shoulders reversal pattern by moving towards level of 0.9400. Target of this pattern is at 0.9150.




USD/RUB
The Ruble is still being corrected towards level of 35.33. Later, in our opinion, instrument may ascending wave to break level of 35.80 and then continue growing up towards local target at level of 36.20.



XAU/USD
Gold is still consolidating near level of 1320. We think, today price may form reversal pattern to start new correction towards level of 1295. Later, in our opinion, instrument may start new ascending movement towards next target at 1357.