Intraday Analysis – Sterling Bounces Back

GBPUSD looks for another push higher

The pound had another optimistic bounce as the Sterling Bounces Back. On the chart, the pair is still striving to hold above February’s high of 1.2700, a critical ceiling to break. A bearish breakout could also trigger a sell-off towards 1.2540 at the previous swing low. The steady bullish channel indicates bulls are still eager to defend the drop, and a move above 1.2740 would be an encouraging sign. A rally above the double top at 1.2710 would pave the way for a broader recovery.

XAGUSD breaks major resistance

Silver follows Gold and progresses as the US dollar retreats across the board. Breaking the daily resistance of 23.40 could keep the bullish run on the precious metal. However, the RSI’s oversold condition could warrant a brief correction as some sellers take their chips off the table. 23.65 is a fresh support, with the psychological level of 24.00 being the next hurdle. Then, 24.80, near the 20-day SMA, could be a tough level to crack if sentiment continues to move in the right direction.

GER 40 begins correcting

The German Dax took its foot off the gas as risk sentiment shifted. Despite its bullish run lately, the index, with a slight drop in value, has bulls wondering if the rally is over. The recent top at 17800 could be tested again however, strong resistance is expected. A break below 17500 will throw out some bulls and could open the door for an extended correction below 17000. 17450 is the closest support as the RSI shot into overbought territory.

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