We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/Le8Qx6OOwV
  • $GBPUSD at the moment break-even straddles = 152pips meaning that for option traders to realize gains, the spot price must see a move greater than 152pips. Get your market update from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/RXCBwHGluG
  • $EURGBP has fallen over 6% since August and is now rapidly approaching a critical support level not reached since May. Will a break below accelerate the aggressive selloff? Find out from @ZabelinDimitri here: https://t.co/CBM8Fg7vM0 https://t.co/0yDnEpzQqR
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
  • Dow Jones & Dax 30 levels to watch ahead of the fed from @PeterHanksFX here: https://t.co/iUIrsygKz2
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/vtHhdnF82Q
  • How can confidence in trading help with avoiding #FOMOintrading? Find out from @WVenketas here: https://t.co/MY7j9ISn4S https://t.co/n7XwfiDZz2
  • The week saw a slightly more dovish than expected RBA minutes increase the importance of the latest labour market report, which showed an uptick in the unemployment rate to 5.3%. Where is $AUDUSD heading? Find out from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/gmGjlGBvjv
  • #OOTT https://t.co/TLgP7dUqFv
FTSE Breaking Trend-line, Pulling the Rug; Chart Setting Up for More Losses

FTSE Breaking Trend-line, Pulling the Rug; Chart Setting Up for More Losses

2019-04-25 08:05:00
Paul Robinson, Currency Strategist
Share:

FTSE Technical Highlights:

  • FTSE broke above trend resistance, but now failing
  • Looking for a pullback to trend-line off December low
  • Waiting on today’s close for confirmation

For the recently released Q2 FTSE & GBP Forecasts, check out the DailyFX Trading Guides page.

FTSE broke above trend resistance, but now failing

On Tuesday, the FTSE broke out above the trend-line extending lower from the May 2018 high, but yesterday it quickly found opposition. Early in today’s session we are seeing sellers step up and push price below the trend-line, which if holds through the course of the day is likely to lead to more losses in the days ahead.

Losses may be contained, though, with support not far below. There is a trend-line from late January and then December running up through the area around the last swing-high seen last month. We could see some confluence there. Price weakness looks likely to last down to the 7350/25-area before another possible push higher develops.

In the event a reversal develops and hold of the trend-line on a daily closing basis, amounting to basically a head-fake lower, then it will keep the FTSE intact for now and today’s low can be used as a short-term guide from which to maintain a bias. Stay above then neutral to higher, below then more weakness expected.

How today closes out is the key, again, as currently we are seeing a failure but with most of the session ahead of us that could easily change. As we discuss regularly in the Thursday Becoming a Better Trader webinar, candlesticks, or any bar type for that matter, can’t be counted as one type or another until you get the final piece of information, which is the close.

FTSE Daily Chart (failing below t-line, but waiting on closing print)

FTSE daily chart, failing below t-line, but waiting on closing print

Check out this guide for 4 ideas on how to Build Confidence in Trading.

You can join me every Wednesday at 9 GMT for live analysis on equity indices and commodities, and for the remaining roster of live events, check out the webinar calendar.

Tools for Forex & CFD Traders

Whether you are a beginning or experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES

News & Analysis at your fingertips.