GBPUSD hits resistance
The pound remained upbeat after its bullish rally stalled. After jumping over 150 pips in recent sessions, prices entered a consolidation phase. As the pair floats around the 1.3400 level, the RSI’s double dip into the overbought area attracted some bargain hunters. On the upside, 1.3460 is the immediate resistance to move past the recent swing high. A break below 1.3300 would test buyers’ resolve to prevent a retracement towards 1.3220.
XAGUSD pushing higher
Silver held on to its gains after piercing through the 65.00 barrier. The price is drifting away from the previous firm support, with a break past 68.00 showing that bulls are still in the market. Intraday-wise, the RSI’s overbought condition could trigger a reversal, following the choppy trend. 66.20 is the closest support, with a move back down to 63.30 likely if the former level is broken. A 70.00 break is needed for price action to move towards the previous peak of 75.50.
GER 40 finds support
The Dax whipsaws on remarks from Donald Trump peace talks. Prices were testing 23200 as buyers sought to hold onto their recent gains. A break past this level opens another rally to the recent peak at 24000. This suggests strong follow-through to keep the short-term bullish momentum intact. However, a close below 22400 would resume the downtrend with a fresh low at 22000.