Intraday Market Analysis – GBP Consolidates Gains

GBPUSD seeks support

The pound Sterling found support from rising CPI in February. A break above 1.3200 eased some pressure and a brief consolidation above 1.3120 indicates buying interest. A follow-up rebound has met resistance at 1.3300 next to the 30-day moving average.

The RSI’s overbought condition drove the price down after short-term buyers took profit. A bounce off the said support could propel the pair to 1.3430 at the origin of the March sell-off.

The psychological level of 1.3000 is a critical floor in case of a deeper retracement.

XAUUSD bounces off support

Gold rallies over renewed demand for the safe-haven metal. The price action saw strong support on the psychological level of 1900 which sits at the base of the March rally and over the 30-day moving average, making it a congestion area.

Medium-term sentiment would stay upbeat as long as the bulls hold above this demand zone. A bearish breakout could send gold to 1870.

On the upside, a break above 1950 may attract momentum buyers and pave the way for a rally to the next target at 2020.

US 100 to test resistance

The Nasdaq 100 climbs amid a technical rebound in big growth names. A close above 14650 suggests a lack of selling interest as the index rose unopposed.

15070 near February’s high is a major hurdle and its breach could open the door for a reversal in the weeks to come.

A triple top in the RSI indicates overextension and the bulls could refrain from raising their bids in a supply zone. 14200 is a fresh support from the latest breakout. The index could be vulnerable to a short-term sell-off if it struggles to bounce back.

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