Technical Analysis: GBP/USD Pair May Move Downwards To 1.6510

EUR/USD
The euro is still moving inside descending correction. We think, today price may form ascending structure to reach level of 1.3800. Alternative scenario implies that pair may continue moving downwards to reach level of 1.3600 and then start new ascending movement towards main target at level of 1.4100.



GBP/USD
The pound is still being corrected. We think, today price may leave this correctional channel to reach target at level of 1.6680. Alternative scenario implies that pair may move downwards to reach level of 1.6510, and only after that start new ascending correction to reach above-mentioned target.



USD/CHF
The swiss franc is still moving near its current minimums. We think, today price may form consolidation pattern and reach new minimum. Later, in our opinion, market may return to level of 0.8950 and then continue falling down towards main target at 0.8300.



USD/JPY
The yen is still forming the fifth descending wave. We think, today price may reach level of 101.70 and then form new ascending structure towards level of 103.80. Later, in our opinion, market may continue this correction to reach level of 100.00.



AUD/USD
The Australian dollar is forming another descending structure towards target at level of 0.8400. Later, in our opinion, market may start new ascending movement to return to level of 0.9070.



GOLD
Gold completed its correction. We think, today price may form another descending structure to break level of 1254. Later, in our opinion, market may consolidate for a while and then form continuation pattern to continue falling down and reach local target at 1239. After that, instrument may return to level of 1250.