GBPUSD steady ahead of BoE decision
Cable remained bullish after jumping over 200 pips, with the BoE interest rate decision being up next. The price could continue to be skewed to the upside after breaking the 1.3200 level. The RSI’s double dip in the overbought area has attracted some consolidation, usually due to intraday profit-taking. A close above 1.3250 next to a previous candle’s long upper shadow could ease any fears of a sell-off. A drop below 1.3150 would renew the selling.
XAUUSD hits another high
Gold pulls back slightly from hitting another record as bulls await the Fed’s interest rate decision. A close above the former daily support of 2560 has prompted some sellers to cover their positions, foreshadowing a potential bounce in the making. A brief slide has found support at 2575, and a higher high indicated mounting pressure. 2600 is the next threshold, and 2540 is the first support in case of a fallback as the RSI is overbought again.
GER 40 attempts to break higher
The Dax climbed as the index is hoping for a test back towards the 19000 area. The latest move saw renewed buying pressure at 18600, suggesting that the index has stabilised on its corrective path. A close back above the previous spike of 18800 would help the bulls regain control and open the door to an extended rebound. On the downside, 18350 is a fresh support for the bulls to regroup.
