GBPUSD And Dax Intra-Day Movement

Grega Horvat

Cable can see stronger USD after a completion of a five wave rally up into wave C) which may see another and final push up to 1.3100 area where resistance may cause a strong turning point. A confirmation that a top is in place will be a sharp reversal towards 1.29750 level.

GBPUSD Hourly Chart

GBPUSD Hourly Chart

Normally, we have seen EURUSD move lower when DAX was up. So it may make sence to expect weaker euro since we see German index in a new uptrend. Any pullbacks on DAX can be corrective; keep an eye on 12210/1.2180 support area for a bounce.

DAX Hourly Chart

DAX Hourly Chart

Source: www.ew-forecast.com

Comments

comments