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