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GBP/USD, FTSE 100 and GBP/NZD Outlooks - UK Weekly Webinar

GBP/USD, FTSE 100 and GBP/NZD Outlooks - UK Weekly Webinar

2020-08-17 12:07:00
Nick Cawley, Strategist
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GBP/USD, GBP/NZD and FTSE 100 Prices, Charts and Analysis:

  • Pennant formation in cable continues to play out.
  • FTSE 100 remains rangebound.
  • GBPNZD above 2.00 and the 200-dma.
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A quiet start to the week with little in the way to guide markets. This week the economic calendar is quiet apart from the resumption of EU/UK trade on Tuesday, FOMC minutes on Wednesday and the latest PMIs on Friday. For all market-moving data releases and events see the DailyFX Economic Calendar

GBP/USD remains underpinned and continues to form a basic bullish pennant pattern. As we near the apex of this formation, the chances of an upside breakout grow.

GBP/USD Daily Price Chart (December 2019 – August 17, 2020)

GBP/USD, FTSE 100 and GBP/NZD Outlooks - UK Weekly Webinar
GBP/USD MIXED
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The FTSE 100 remains stuck in a range and will need a decent driver to break either way. Today’s trading range is limited and the UK big board will wait to see if anything comes out of the EU/UK trade talks or if Sterling makes a move. Price action remains either side of both the 20- and 50-day moving averages.

FTSE 100 Daily Price Chart (January – August 17, 2020)

GBP/USD, FTSE 100 and GBP/NZD Outlooks - UK Weekly Webinar

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GBP/NZD continues to press higher and has now broken and opened above the 200-day moving average and the psychological 2.00 level. If the 200-dma remains supportive, the pair will likely consolidate before continuing to edge higher.

GBP/NZD Daily Price Chart (January – August 17, 2020)

GBP/USD, FTSE 100 and GBP/NZD Outlooks - UK Weekly Webinar

What is your view on Sterling – 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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