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GBP Initiates a Downtrend: An Overview Covering EUR, JPY, CHF, AUD, Brent, Gold, and the S&P 500 Index.

EUR/USD (Euro vs US Dollar)

The potential for an upward surge in EUR/USD seems nearly depleted around the 1.0964 mark. A forthcoming consolidation range is anticipated around this level. Should there be a downward breakout from this range, a downtrend to 1.0894 is foreseeable. If this level is breached as well, the potential for a sustained downtrend to 1.0823 may open up. This marks the initial target.

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD has essentially exhausted its potential for an upward surge, reaching 1.2538. A new consolidation range is expected to take shape around this level. If there's a downward breakout, a decline wave to 1.2455 could commence. Subsequently, if this level is breached, the potential for a downward trend to 1.2374 might emerge. This stands as the initial target.

USD/JPY (US Dollar vs Japanese Yen)

USD/JPY has concluded a downtrend at 147.37. A new consolidation range is anticipated to form around this level. Should there be an upward breakout from this range, a new upward wave to 148.70 could initiate. Following this, a decline to 148.00 might follow, succeeded by a rise to 149.40, from where the trend could proceed to 150.05. This marks the initial target.

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USD/CHF (US Dollar vs Swiss Franc)

USD/CHF continues to shape a consolidation range above 0.8826. A downtrend to 0.8808 is not ruled out. Subsequently, a rise to the 0.8900 level might follow, from where the trend could persist to 0.9010. This serves as the initial target.

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD has used up its potential for an upward surge at the 0.6583 level. A consolidation range might emerge around this level today. If there's a downward breakout, a new downtrend to 0.6506 could form. This is the initial target.

BRENT

Brent continues to develop an upward surge to 83.33. Once this level is reached, a correction to 80.75 might ensue. After the correction concludes, a fresh upward movement to 84.84 could unfold. This serves as the initial target.

XAU/USD (Gold vs US Dollar)

Gold is consistently forming a consolidation range around 1987.00. Today, the market has expanded the range upwards to 1994.22. A decline to 1969.00 is anticipated. If there's a downward breakout from this level, the potential for a downtrend to 1917.90 might materialize. This marks the initial target.

S&P 500

The stock index has extended its range to 4558.5. A decline to 4522.0 might transpire today. With a downward breakout from this level, the potential for a trend to 4487.7 might unfold. This is the initial target. Subsequently, a correction to 4522.0 might follow (a test from below)

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The post Technical Analysis & Forecast November 21, 2023 appeared first at R Blog - RoboForex.

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By: Igor Sayadov
Title: Technical Analysis & Forecast November 21, 2023
Sourced From: blog.roboforex.com/blog/2023/11/21/technical-analysis-forecast-november-21-2023/
Published Date: Tue, 21 Nov 2023 08:45:48 +0000

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