By Orbex
GBPUSD consolidates gains
Growing risk appetite weighs on a safer US dollar. The rally above 1.3360 confirms that short-term sentiment has turned around.
However, the push might have run out of steam as the RSI shows a bearish divergence. The deceleration indicates limited buying interest after the price went parabolic.
1.3400 is an immediate support. Its breach could trigger a correction and force the latest buyers out. Then 1.3300 would be the next support. 1.3500 is a major resistance from the daily chart.
GER 40 breaks above daily resistance
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
The Dax 40 climbed higher as investors favor value stocks in telecoms, transportation, and utilities.
A break above December’s high at 15840 is a strong signal that the bulls may have had the last word. Trend followers would jump in, in anticipation of continuing above the psychological level of 16000.
The RSI’s overbought situation could prompt intraday buyers to take profit. The previous resistance 15700 (now turned support) is the first level to evaluate buying interest. 15500 is the second support in case of a deeper pullback.
USOIL seeks support
WTI crude rallied after the EIA report showed a larger-than-expected fall in US inventories.
The bulls are looking to hold onto their recent gains after they cleared the 30-day moving average and daily resistance at 73.20. 79.00 from November’s sharp sell-off is a major hurdle ahead. A bullish breakout could put the rally back on track.
The RSI’s overextension may cause a brief pullback. The 38.2% Fibonacci retracement level is an area of interest as it coincides with the previous low at 72.60.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- Economic activity in China is slowing. Silver has fallen by more than 8% May 18, 2026
- USD/JPY Rises for Sixth Straight Day: Yen Back on the Cusp of Intervention May 18, 2026
- Optimism surrounding the US-China summit in Beijing supported the markets May 15, 2026
- Gold Falls on US Inflation Concerns as Week Ends in Losses May 15, 2026
- The oil market may remain in a state of severe supply shortage until autumn May 14, 2026
- GBP/USD Under Policy Pressure: What Lies Ahead for the Prime Minister? May 14, 2026
- European stock markets declined amid rising concerns about an energy crisis May 13, 2026
- USD/JPY Continues to Climb Amid External and Domestic Pressures May 13, 2026
- You can change your emotions – but it’s a 2‑step process that takes some effort May 12, 2026
- The United States rejected Iran’s proposal for resolving the conflict. Oil prices surged again May 12, 2026
