Intraday Analysis 05.05.2026

Intraday analysis covering GBPJPY, XAUUSD, where Gold retreats from recent highs, and GER40, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.

GBPJPY stuck sideways

The pound has failed to revive itself after last week’s sell-off saw the pair lose over 400 pips. Prices are probing the 213.30 level in the hope of shaking off the prolonged sideways movement.

• On the hourly time frame, the pair needs to close above 214.00 to move higher and increase buying interest.
• A close below the recent low of 211.70 could begin a continuation of the previous bearish rally.
• If the psychological level at 210.00 is broken, a deeper correction could take place.

XAUUSD pulls lower

Gold continues pulling lower as sentiment shifts again. After a dip below 4580, prices crept lower but held above 4500. Bears could see some pullback as a bullish divergence emerges on the RSI.

• A move towards 4480 could lead to a deeper correction.
• Should the yellow metal attempt another push higher, prices will first need to move past 4640 to open up a path towards 4700.

GER 40 hits resistance

The Dax steadies itself for another upswing after hitting resistance. Price action has been mainly bullish in recent sessions, as a close above 24500 is the next target for bulls.

• The limited downside retracement has met renewed buying interest.
• A climb back above 24500 could attract more buyers and open the door to a move higher.
• A sentiment shift could open the door towards 23700 with the RSI moving back into neutral territory.
  

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