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British Pound (GBP) Latest: Sterling Rallies, FTSE Crashes Below 5,000

British Pound (GBP) Latest: Sterling Rallies, FTSE Crashes Below 5,000

2020-03-16 09:30:00
Nick Cawley, Analyst
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Sterling (GBP) and FTSE 100 News, Prices and Analysis:

  • FTSE 100 nears a nine-year low.
  • Sterling (GBP) off its multi-month lows.

British Pound (GBP) Looks Extremely Oversold

Sterling has pulled off Friday’s multi-month lows after the US Federal Reserve slashed 75 basis points off its lending rate and announced another round of bond buying (QE) to the tune of USD750 billion. This is the second emergency cut by the Fed in the last two weeks and it comes just days before a scheduled FOMC meting on Wednesday, indicating the emergency of the current situation. It remains to be seen if the Fed’s action will work, but other countries will now need to cut further, and introduce additional liquidity measures, forcing a race to the bottom in the FX market. GBP/USD sold-off sharply on Friday and is currently trying to find some support. The only drivers of price action in the short-term will be coronavirus updates and additional central bank measures.

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GBP/USD Weekly Price Chart (January 2017 – March 16, 2020)

British Pound (GBP) Latest: Sterling Rallies, FTSE Crashes Below 5,000
GBP/USD MIXED
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% -4% -2%
Weekly -2% 28% 11%
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FTSE 100 Roiled, Desperately Looking for Support

The FTSE 100 continues to slump and has losy more than 2,700 points from its peak with indiscriminate selling forcing global equity markets heavily into bear market territory. Again the chart looks oversold, using the ATR indicator, but sitting on the sidelines is the only way to treat this market in the short-term

FTSE 100 Monthly Price Chart (2003 – March 16, 2020)

British Pound (GBP) Latest: Sterling Rallies, FTSE Crashes Below 5,000

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