Intraday Analysis – GBP Begins the Fightback

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The GBP/USD finds much needed support
GBPUSD Chart: The GBP/USD stabilizes around 1.2580 support level.

The GBP/USD remains stable after dropping over 200 pips in recent sessions. A hold at 1.2580 has seen a sideways pattern emerge, with its top at 1.2650. This range has seen the RSI drift into neutral territory as traders await further signals. A break at 1.2700 to the upside could see a full recovery back to the previous swing high at 1.2790. Failing that, 1.2530 at the base of the surge is the first support should the dollar continue its dominance.

 

AUDUSD hoping for a bounce
AUDUSD Chart: consolidates near 0.6500 resistance level.

The Australian dollar is subdued as the RBA’s monetary policy outlook remains cloudy. A surge above 0.6500 could have put the Aussie back on track against its US counterpart after a firm double bottom. As the RSI falls into the neutral area, a rally above 0.6560 could attract momentum buyers and propel the pair towards 0.6620. Conversely, a bearish breakout would dent the optimism and lead to a test at 0.6450.

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GER 40 ignores bearish divergence
GER 40 index continues bullish trend, surpassing 18500 mark.

The Dax made it six winning days in a row as the index keeps pushing higher. The break above 18500 suggests that bulls maintain control of the price action. The psychological price of 19000 is next as a bullish continuation favours sentiment. In the meantime, the RSI’s repeated bearish divergence could temper the bullish fever. 18000 would be the first support in case of a retracement.

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