Intraday Analysis – GBP seeks support

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24090021/Intraday-23.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24090021/Intraday-23.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24090021/Intraday-23-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>GBPUSD probes for support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085718/gbpusd-19.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205355" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085718/gbpusd-19.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085718/gbpusd-19.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085718/gbpusd-19-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085718/gbpusd-19-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085718/gbpusd-19-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Cable tries to stabilise after June’s retail sales beat expectations. A break below 1.2900 has further put the bulls on the defensive. On the daily chart, the pound is still in an uptrend, this means that the correction is still probing for support. <strong>1.2800</strong> over the 30-day SMA is the next stop to see if buyers would return. Otherwise, 1.2690 would be a critical floor. A bullish RSI divergence is an encouraging sign suggesting that the sell-off has lost some momentum. <strong>1.2960 </strong>is the first hurdle to lift to ease some of the pressure.</p>
<h2>USDCAD attempts to rebound</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085736/usdcad-2-2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205356" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085736/usdcad-2-2.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085736/usdcad-2-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085736/usdcad-2-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085736/usdcad-2-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085736/usdcad-2-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Canadian dollar came under pressure after weak retail sales data in May. After a tentative rally above 1.3230, a bounce off the demand zone <strong>1.3120</strong> is a sign that buyers are trying to hold onto their recent gains. A retest and a breach of the major obstacle of <strong>1.3230</strong> which coincides with the 20-day SMA would flush out the remaining sellers and extend the rally to 1.3300, potentially opening the door to a broader recovery. A fall below said key support would invalidate the rebound and send the pair towards 1.3000.</p>
<h2>GER 40 consolidates gains</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085836/de40-2-2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205357" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085836/de40-2-2.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085836/de40-2-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085836/de40-2-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085836/de40-2-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/24085836/de40-2-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Dax 40 tries to hold onto recent gains dragged by a weak tech sector. A close above the previous swing high of 16200 may have put the index back on track. This suggests that overall sentiment has remained upbeat despite a temporary pullback. <strong>16300 </strong>right under June’s high of 16420 might be the last resistance level and a bullish breakout would pave the way for a new all-time high. On the downside, <strong>15990 </strong>at the lower end of the latest consolidation is a key support to keep the rebound momentum going.</p>
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<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-gbp-seeks-support">Intraday Analysis &#8211; GBP seeks support</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>