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

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

2020-07-06 12:20:00
Nick Cawley, Strategist
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GBP/USD, EUR/GBP and FTSE 100 – Prices, Charts and Analysis:

  • EU/UK trade talks and Chancellor Sunak’s budget update on Wednesday key.
  • Sterling flat and rangebound, FTSE 100 pushing tentatively higher.
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The economic calendar is relatively quiet this week with the RBA rate decision on Tuesday, UK Chancellor Sunak’s summer budget update on Wednesday and the Canadian employment/unemployment figures on Friday the main points of interest. In the background, the EU and UK will continue trade talks in London and need to find some agreement if the UK is not to end up on WTO trading terms on January 1 next year.

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Cable is pressing towards the 61.8% Fibonacci retracement level at 1.2517 with the move powered by weakness in the US dollar. Above here a zone between 1.2530 and 1.25444 should cap any short-term bullish sentiment. The pair now trade above the 20- and 50-dma, giving them a small positive boost.

GBP/USD Daily Price Chart (December 2019 – July 6, 2020)

GBP/USD, EUR/GBP and FTSE 100 Latest Outlooks - UK Market Webinar
GBP/USD BULLISH
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EUR/GBP continues to respect the supportive trend off the May 5 low and is also trading above the 38.2% Fib level at 0.9035. As long as the supportive trend remains in place, the pair may likely test 0.9100 before 0.9176 looms into view.

EUR/GBP Daily Price Chart (December 2019 – July 6, 2020)

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

The FTSE 100 continues to trade in a narrow with the 14-day average true range at a lowly 125 points. The pick-up in risk sentiment today has seen the UK big board add around 80 points on the day and back above the 50% Fib retracement level at 6, 233. A range of prior highs should cap any short-term move up to 6,346 while supportive prior lows and the 50-dma should see support around the 6,094 level.

FTSE 100 Daily Price Chart (December 2019 – July 6, 2020)

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

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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.

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