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  • No matter where you look, the Euro is under a great deal of technical pressure: versus the commodity currencies (EUR/AUD, EUR/CAD, EUR/NZD) or even against the Nordic currencies (EUR/NOK, EUR/SEK). Get your market update from @CVecchioFX here: https://t.co/UJvFdVbrk6 https://t.co/lJGEuR5TIE
  • RT @FxWestwater: $AUDUSD Aims to Retake Key Level as Markets Digest US Covid Stimulus News Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/03/08/AUDUSD-Aims-to-Retake-Key-Level-as-Markets-Digest-US-Covid-Stimulus-News.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/eYwb…
  • This seems likely to reflect the near-certain passing of the US$1.9 trillion stimulus top-up in the US https://t.co/lmIuNpLmV6
  • Risk-on tone seemingly prevailing in early Asia-Pacific trade. US stock index futures up with commodity currencies (AUD, CAD, NZD, NOK), crude oil, gold. Anti-risk USD, JPY and CHF down. https://t.co/nJgxWHCGCa
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/brgbPlNTIl
  • WTI crude oil prices surpassed the 200% Fibonacci extension level of US$ 66.65 after Saudi Arabia said a storage tank in the Ras Tanura export terminal was attached by a drone on Sunday. Brent price breached US$ 70 mark for the first time since January 2020. https://t.co/hB39eHZLVw
  • Crude oil will likely extend its bull run after one of the most protected oil facilities in the world came under attack on Sunday - BBG
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EST on DailyFX - https://t.co/lxd5fZnn4H Mid-Week Market Check Up with IG on Wednesday at 9:30am EST - https://t.co/8SFBJxNZrA
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUuBpt https://t.co/6BhlgjWVYw
  • We are going to start the new trading week with a few critical technical breaks like the $QQQ's (NDX) H&S neckline break on volume and EURUSD's clearance below 1.1950. Are these the makings of trends? My take: https://www.dailyfx.com/forex/video/daily_news_report/2021/03/06/EURUSD-and-Nasdaq-100-to-Start-Week-with-Multi-Month-Breakdown.html https://t.co/iR5w7iDkDU
GBP/USD, EUR/GBP and FTSE 100 Latest Outlook - UK Market Webinar

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

Nick Cawley, Strategist

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

  • Positive sentiment may return to UK asset markets.
  • GBP/USD fights the 200-dma, FTSE 100 fills the gap.
GBP Forecast
GBP Forecast
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Recent newspaper reports that the government may speed up the lockdown unwind timetable may well add some positive sentiment to UK asset markets and balance out some of the ongoing EU/UK trade negation stalemate. COVID-19 fatality and infection rates continue to fall and may give PM Boris Johnson the opportunity to help boost the ailing UK economy.

British Pound (GBP) Latest: UK Government Looking to Speed Up Lockdown Unwind Timetable

GBP/USDcontinues to consolidate recent gains and further upside may be seen if GBP-speculators start to cut some of their short positions which are now at their highest levels since December last year.

EUR/USD Bulls Boosted, US Dollar Shorts Ease Despite DXY Sell-Off – CoT Report

Cable is currently running into short-term resistance off the 200-dma at 1.2732/34 and this level may come pressure if the US dollar sell-off continues. The latest FOMC meeting on Wednesday needs to be followed closely.

GBP/USD Daily Price Chart (December 2019 – June 8, 2020)

GBP/USD, EUR/GBP and FTSE 100 Latest Outlook - UK Market Webinar
GBP/USD BEARISH
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Change in Longs Shorts OI
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Weekly 11% -10% 0%
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EUR/GBP is looking to continue a new trading range with initial resistance off a cluster of recent highs around 0.9008 before 38.2% Fib resistance at 0.9035. Initial support off the 50% Fib at 0.8891 before the prior resistance level, now turned to support, at 0.8864.

EUR/GBP Daily Price Chart (December 2019 – June 8, 2020)

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

The FTSE 100 has now filled and broken above the gap between 6,239 and 6,402 and eyes the 61.8% Fib retracement at 6,577 with near-term support off the 50% Fib retracement at 6,233.

FTSE 100 Daily Price Chart (2019 – June 8, 2020)

GBP/USD, EUR/GBP and FTSE 100 Latest Outlook - 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.

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