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British Pound (GBP) Latest: GBP/USD Upward Momentum Fading, FTSE Falling

British Pound (GBP) Latest: GBP/USD Upward Momentum Fading, FTSE Falling

Martin Essex, MSTA, Analyst

GBP price, FTSE news and analysis:

  • GBP/USD is pausing for breath after its advance earlier this week while the FTSE 100 index is down despite stock market rises on Wall Street and in Asia.
  • The UK markets, like others, are weighing up optimism about coronavirus lockdowns against pessimism that Covid-19 infections are rising in several US states and South America.

GBP/USD falters

This week’s rally in GBP/USD, that has taken it from Monday’s low at 1.2335 to above 1.25 seems to be faltering as optimism about the easing of coronavirus lockdowns is balanced by fears of a second wave of the pandemic, with several US states seeing record infections and the death toll in Latin America passing 100,000, according to a tally by the Reuters news agency.

Tuesday’s mood was upbeat as June “flash” purchasing managers’ indexes from the UK and elsewhere boosted hopes that easing lockdowns will lead to an economic recovery. However, there has been no follow-through in GBP/USD in early European trade Wednesday.

GBP/USD Price Chart, Two-Hour Timeframe (June 8-24, 2020)

Latest GBP/USD price chart.

Chart by IG (You can click on it for a larger image)

Similarly, the FTSE 100 index of the major London-listed stocks is lower early Wednesday despite earlier gains on Wall Street and in Asia – suggesting that for now at least the mood has soured and that a period of consolidation is likely in both stocks and the currency.

FTSE 100 Price Chart, Two-Hour Timeframe (June 10-24, 2020)

Latest FTSE 100 price chart.

Chart by IG (You can click on it for a larger image)

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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