GBP/USD, GBP/AUD and FTSE 100 Latest - UK Market Webinar
GBP/USD, GBP/AUD and FTSE 100 – Prices, Charts and Analysis:
- Bank of England likely to increase QE by GBP100 billion on Thursday.
- GBP/USD and FTSE 100 may struggle to move higher.
A busy week for UK asset traders with important data and key events the likely drivers of any move. In addition, the markets remain in risk-off mode as fears of a second wave of COVID-19 weigh on Sterling and the FTSE 100.
GBP/USD may test the 50-day moving average at 1.2404 as the pair continue their short-term sequence of lower highs and lower lows. The 61.8% Fibonacci retracement level at 1.2517 is worth watching to see if it turns into resistance or support. Macro events will likely drive the next move.
GBP/USD Daily Price Chart (December 2019 – June 15, 2020)
GBP/AUD Daily Price Chart (December 2019 – June 15, 2020)
The FTSE 100 continues to probe support off the 50-day moving average and a close and open below 6,008 may see the 38.2% Fibonacci retracement level at 5,889 come into play in short order. The upside looks capped between the 20-dma at 6,210 and the 50% Fib retracement at 6,233.
FTSE 100 Daily Price Chart (December 2019 – June 15, 2020)
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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.