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British Pound (GBP) Rallies, FTSE 100 Collapses - UK Markets Webinar

British Pound (GBP) Rallies, FTSE 100 Collapses - UK Markets Webinar

2020-03-09 13:12:00
Nick Cawley, Strategist

Sterling (GBP) and FTSE 100 - Prices and Charts:

  • FTSE 100 down 2,000 points since May 2018 high.
  • Sterling (GBP) crosses higher but doubts remain.

British Pound (GBP) Pushes Higher Ahead of the UK Budget

Sterling continues to make gains against a range of commodity currencies and the US dollar, touching multi-week highs ahead of the UK Budget. Chancellor Rishi Sunak will have a very delicate balancing act on his hands as he tries to steady an economy already under pressure from UK-EU trade talks, while the latest heavy equity sell-off may force the BoE’s hand to make an emergency interest rate cut. Sterling’s short-term outlook remains volatile but with a slightly better underlying bid.

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GBP/USD Daily Price Chart (July 2019 – March 9, 2020)

gbpusd rallies - chart
GBP/USD MIXED
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 17% -22% -8%
Weekly -4% 8% 2%
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FTSE 100 Slammed into Bear Market Territory

Global markets have been sold off aggressively over the last 3 weeks with losses accelerating over the last few days. The FTSE at one stage today was off around 2,000 points lower than its May 2018 record high at 7,903, before paring losses marginally. The ongoing spread of the coronavirus across the globe remains the major negative for risk markets, while the upheaval in the oil market weighs on equities.

Crude Oil Price Crash as Saudi Arabia Sparks Oil Price War

FTSE 100 Weekly Price Chart (December 2015 – March 9, 2020)

ftse 100 crashes

Market volatility remains at extremes and traders should know how to handle these conditions confidently before making any decisions. DailyFX have a wealth of risk management and discipline resources available to help guide traders through these highly volatile times.

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The DailyFX Online Trading Universityalso has 1000s of updated articles covering all aspects of trading.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Sterling (GBP) and the FTSE – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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