GBP value, FTSE information and evaluation:A downward sloping trendline on the GBP/USD chart continues to be hampering any potent
GBP value, FTSE information and evaluation:
- A downward sloping trendline on the GBP/USD chart continues to be hampering any potential upside transfer, whereas the FTSE 100 continues to commerce sideways.
- Constructive financial knowledge are encouraging for ‘risk-on’ property however they’re being held again by the surge in coronavirus infections within the US.
GBP/USD testing resistance
Any potential upside for GBP/USD is once more being held again by resistance from a downward sloping trendline marking the higher boundary of a channel in place on the charts for the previous three weeks. Reinforcing that resistance is the 50-day shifting common, which at 1.2404 additionally stands simply above the present value.
GBP/USD Worth Chart, One-Hour Timeframe (June 3 – July 1, 2020)
Chart by IG (You may click on on it for a bigger picture)
From a elementary perspective, markets globally are weighing up some optimistic financial knowledge towards the surge in coronavirus infections within the US. This session, the June buying managers’ indexes for the manufacturing sectors in China and Australia each got here in above expectations – and above the 50 mark that separates enlargement from contraction – and there was additionally information of a shock enhance in German retail gross sales in Might.
Beneficial by Martin Essex, MSTA
Buying and selling Foreign exchange Information: The Technique
Nonetheless, the UK’s Nationwide home value index for Might confirmed its first fall since 2012 and there was extra information of job cuts within the UK, this time from the Airbus aerospace firm. The protests in Hong Kong towards the brand new safety legislation there are additionally denting sentiment usually.
As for the FTSE 100 index of the foremost London-listed shares, that was little modified in early buying and selling Wednesday, held again like different fairness indexes by information that the US has recorded its greatest single-day spike in infections because the Covid-19 pandemic started.
Should you haven’t already, take a look at the most recent DailyFX Buying and selling International Markets Decoded podcast with investor Jim Rogers that you could find right here on Apple or wherever you go on your podcasts
| Change in | Longs | Shorts | OI |
| Each day | 22% | -19% | 3% |
| Weekly | 15% | -7% | 6% |
— Written by Martin Essex, Analyst and Editor
Be happy to contact me on Twitter @MartinSEssex