Sterling - GBP/USD, EUR/GBP, GBP/NZD and FTSE - Updated Charts
Sterling Price (GBP) and FTSE Analysis, Price and Charts
- GBP/USD looking to move higher but near-term resistance holds sway.
- EUR/GBP testing multi-month lows again.
Q4 GBP Forecast and Top Trading Opportunities
GBP/USD – Trapped by General Election Polls
GBP/USD is finding it difficult to move either way with any conviction as traders move to the side-ahead of next Thursday’s General Election. The first upside target sits at 1.3013, before 1.3177 and 1.3382 come into view. To the downside, recent lows around 1.2820 to 1.2830 should cushion any sell-off with the 61.8% Fib retracement at 1.2338 just above. The ATR (bottom of the chart) shows the tightness of current trading ranges.
GBP/USD Daily Price Chart (February – December 2, 2019)
EUR/GBP Searching for Support
After making a multi-month low at the end of last week, EUR/GBP has pushed higher but the move looks indecisive and the recent low is likely to be breached again. Below 0.8500, old horizontal support at 0.84907 and 0.84720. To the upside, the 20-day moving average cuts in at 0.85570, before the three-week high at 0.86050.
EUR/GBP Daily Price (November 2018 – December 2, 2019)
GBP/NZD Breaks Support, Trades at a Six-Week Low
GBP/NZD broke below the 2.00 barrier earlier today and the 1.9963 six-week low made last week. The break also took the pair below the 50-day moving average, after breaking the 20-dma on Friday and cast a bearish cloud over GBP/NZD. The CCI indicator at the bottom of the chart suggests that the pair may be oversold in the short-term.
GBP/NZD Daily Price Chart (January – December 2, 2019)
FTSE 100 – Supported by a Pair of Moving Averages
The UK big board is bouncing off a pair of supportive moving averages today (20- and 200-dmas) and continues to make short-term higher lows as it moves back to re-test the November 27 multi month at 7,446. A conclusive break above this level would also take out three recent highs and target the swing-highs at 7,529 and 7,622. A break lower would target the 50-dma at 7,289 and the November 21 low at 7,195.
FTSE 100 Daily Price Chart (February – December 2, 2019)
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