GBPUSD is falling strongly down from 1.2568 which looks like an impulsive reaction so it's likely part of an even more complex decline as we see current leg as wave C of Y). However, despite bearish moves the whole structure of February has a corrective look so we think that downside can be limited, but bounce will likely happen from beneath 1.2347 low. Based on Fib. levels we see 1.2250-1.2300 as every interesting area for a new turn up.
German DAX is still somehow under pressure following that strong decline to 11700 last week, while US markets are still near the highs. However, we see E-mini S&P500 in a fifth wave so if upside will be limited, then DAX can extend it's weakness; ideally into wave five of A. That said, one leg down is still missing to call a top in place near 12030. A push up from here and above 11923 would suggests that new highs are coming.
German DAX, 1h
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