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British Pound (GBP) Latest: GBP/USD Slides Against a Powerful US Dollar

British Pound (GBP) Latest: GBP/USD Slides Against a Powerful US Dollar

Nick Cawley, Strategist

British Pound (GBP) and FTSE 100 - News, Prices and Analysis:

  • Construction companies looking at re-opening mothballed sites next week.
  • GBP/USD struggling against the US dollar.

Construction Companies Looking for a Phased Exit from Lockdown.

UK construction companies Taylor Wimpey and Bovis are both looking to reopen mothballed sites next week, prompting thoughts that the coronavirus may have peaked. According to a report in The Daily Telegraph, UK carmakers JLR and Aston Martin are also working on re-starting production lines next week, a signal that companies believe the time is now right to get back to work. With Boris Johnson back at Downing Street imminently, it may be that a phased exit from lockdown is back at the top of the agenda.

The FTSE 100 is sitting in the middle of this week’s trading range with a series of lower highs and higher lows constricting the range. This may lead to a short-term breakout, especially with the pair currently supported by the 20-dma and restricted by the 50-dma. Any break higher should find resistance at 5,889 (38.2% Fib) and the multi-week high at 5,950. Initial support at 5,625 ahead of the recent double low around 5,530.

FTSE 100 Daily Price Chart (September 2019 – April 24, 2020)

British Pound (GBP) Latest: GBP/USD Slides Against a Powerful US Dollar

Sterling is also trading in a narrow range against a strong US dollar in early turnover, with Tuesday candle continuing to hold sway. The US dollar basket (DXY) is within touching distance of making anew one-month high. GBP/USD rejected the 20- and 50-day moving averages on Thursday and needs to stay above 1.2247 to prevent further losses. Thursday’s high and the 20-dma and 50-dma form a cluster of resistance around 1.2420.

GBP/USD Daily Price Chart (September 2019 – April 24, 2020)

British Pound (GBP) Latest: GBP/USD Slides Against a Powerful US Dollar

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 100 – 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.