GBP, FTSE costs, information and evaluation:The FTSE 100 index of the main London-listed shares seems to be to be gaining upward
GBP, FTSE costs, information and evaluation:
- The FTSE 100 index of the main London-listed shares seems to be to be gaining upward momentum and is nicely positioned to problem final month’s highs.
- Against this, GBP/USD is constant to consolidate its current features because the pair stays technically overbought.
FTSE 100 nicely positioned for additional features
The FTSE 100 index of the key London-listed shares continues to go greater at the same time as considerations rise about the price of the financial stimulus applications designed to counter the affect of the coronavirus pandemic. After widespread falls in Asia Wednesday, shares in a number of main European markets are firmer in early commerce and for the FTSE specifically a return to the July highs now appears attainable.
FTSE 100 Worth Chart, Each day Timeframe (April 28 – August 5, 2020)
Chart by Investing.com (You’ll be able to click on on it for a bigger picture)
The very best stage reached final month was 6,323.55 touched on July 15 and that now appears a probable goal for FTSE bulls. Notice too that regardless of the current features by the index, the 14-day relative power index (RSI) continues to be nowhere close to the 70 stage suggesting an overbought market, at the moment sitting at 48.5.
| Change in | Longs | Shorts | OI |
| Each day | -5% | 9% | -1% |
| Weekly | 1% | -1% | 0% |
As for GBP/USD, that continues to commerce sideways across the 1.31 stage however the pair does nonetheless look overbought, with the RSI at 79.9. That means that any extension of the advance that started on the finish of June might have to attend till the present consolidation interval is over.
| Change in | Longs | Shorts | OI |
| Each day | -1% | -2% | -2% |
| Weekly | -14% | 15% | 4% |
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— Written by Martin Essex, Analyst and Editor
Be happy to contact me by way of Twitter @MartinSEssex