News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • I don't think you could make a chart more technically provocative for me than what the $SPY S&P 500 ETF is offering up. That said, doesn't have to break and follow through has been notoriously scarce on the downside https://t.co/vqrlhu7AwC
  • #Nasdaq Tanks on Rising U.S. Yields, ARKK Appears to Confirm a Double Top Pattern #trading $ARKK $NDX https://t.co/lNlEsJnEyk
  • #Nasdaq Tanks on Rising U.S. Yields, ARKK Appears to Confirm Double Top Patter #trading $ARKK $NDX https://t.co/lNlEsJnEyk
  • I'm all for the diversify, but we are missing some steps between A and Z here...
  • Seeing articles show up in my search results that are obvious plants from traditional investment firms trying to get the new generation to open the traditional and passive account types they operate https://t.co/xGoaGqHpyg
  • The options market can be an excellent place to express trading ideas, as it presents numerous ways to structure trades with various risk profiles. Learn to trade the Options market with DailyFX. Download your free guide here! https://t.co/B78Mn99fU0 https://t.co/EpUMWMSGWO
  • On this week's Macro Setup @HathornSabin discusses with @GuyAdami & @RiskReversal the September stock swoon, rate rampage, and dollar dominance. Check it out! https://t.co/k68k2UP7rr https://t.co/0kGvdXWrDK
  • Fed's Bostic: - Any decision on a central bank digital currency is a long way off - Taper is warranted if current trends continue
  • Heads Up:🇺🇸 Fed Bostic Speech due at 19:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-28
  • Canadian #Dollar Outlook: $USDCAD Snaps Five-Days Down- Reversal Risk - https://t.co/O2MYTxe7bE https://t.co/tqIZUjE7pZ
GBP/USD, EUR/GBP and FTSE 100 Latest - UK Market Webinar

GBP/USD, EUR/GBP and FTSE 100 Latest - UK Market Webinar

Nick Cawley, Strategist

GBP/USD, EURGBP and FTSE 100 – Prices, Charts and Analysis:

  • Markets turn risk-on but GBP macro picture remains unsettling.
  • GBP/USD and EUR/GBP ranges broken.

GBP/USD Downtrend Remains Intact For Now

Cable is edging gently higher mid-morning, helped in part by a growing risk-on move, fueled by commentary from Fed Chair Jerome Powell who said that the Fed was not out of ammunition to fight the COVID-19 economic slump. Also over the weekend, BoE chief economist said that the central bank was not ruling out further monetary intervention including negative interest rates. While GBP/USD is tending higher, a series of lower highs and lower lows remain in place and these need to be broken to allow the pair to move higher. Initial resistance between 1.2240 and 1.2246 before 50% Fibonacci retracement at 1.2306.

GBP/USD Daily Price Chart (November 2019 – May 18, 2020)

GBP/USD, EUR/GBP and FTSE 100 Latest - UK Market Webinar

EUR/GBP – A Decisive Range Break?

After trading in a narrow 2 point range for the last six weeks, EUR/GBP broke through resistance on Friday, and more importantly opened above this resistance today. A series of higher highs and higher lows highlight the current positive sentiment in the pair. If the pair stay above 0.8865, then further gains may be made although the market looks overbought, so the pair may enter a short-term consolidation phase for now.

EUR/GBP Daily Price Chart (November 2019 – May 18, 2020)

GBP/USD, EUR/GBP and FTSE 100 Latest - UK Market Webinar

FTSE 100 Pushing Higher as Risk Sentiment Improves

Global equity markets opened the week higher after Fed Powell’s comments and continue to test the upside. While economic data is expected to show the impact of COVID-19 on global economies, there is a growing sense that with some lockdown measures being unwound, there is light at the end of the tunnel, however far away that is. A dangerous assumption but with central banks printing money with little respite, stock markets look likely to remain underpinned. If the FTSE can break and close above the 6,016 area, then the April 30 multi-week high comes back into play ahead of the gap between 6,239 and 6,402.

FTSE 100 Daily Price Chart (December 2019 – May 18, 2020)

GBP/USD, EUR/GBP and FTSE 100 Latest - UK Market Webinar

Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Trading Education Centre

What is your view on Sterling (GBP) – 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.

DISCLOSURES