(GBPUSD) pound tests resistance
The (GBPUSD) pound edged lower after the dollar attempted to claw back recent losses. The pair has managed to hold onto recent gains after breaking above the daily resistance at 1.3680. A rejection at 1.3850 indicated renewed selling as sentiment remains generally cautious. A break above the said resistance of 1.3850 would attract momentum buyers and raise the bar to the next level of 1.3900. An overbought RSI could cause a retreat for some breathing room, with 1.3500 a critical support.
USDCAD clawing back losses
The Canadian dollar continues to dominate its neighbour after the pair fell by more than 200 pips in recent sessions. As more buyers scramble for the exit, traders would be wary of catching a falling knife, especially as sentiment toward the greenback remains generally upbeat. 1.3600 is the next level to see whether buyers have committed to the market, with 1.3700 a firm resistance. 1.3500 is the immediate support, and a confirmed break here could cause a deeper correction.
GER 40 seeks support
An initial retreat below the previous weekend gap has prompted some leveraged buyers to take profit, driving the index to hit a double bottom at 24400. As the mood is still overwhelmingly bearish, trend followers are looking to stake in. Any chance of a turnaround needs a test at 25100 as this becomes a fresh obstacle, before a possible test at the recent peak of 25500. 24400 is a key support level to maintain short-term momentum; its breach would signal that more bulls are closing their positions.
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