Sterling and FTSE 100 – News, Prices and Analysis:
GBP/USD Pushed Lower by Ongoing US Dollar Strength
Cable is drifting lower in early trade with US dollar strength pushing the pair back down to the 1.2340 level, roughly the mid-point of this week’s trading range. Tuesday’s indecision candle – 1.2240-1.2475 – has set the marker for the week and is likely to hold going into the weekend. The British Pound has had a positive week against other currencies, including the New Zealand and Canadian dollar, while EUR/GBP is now testing important support.
The US dollar basket is up over two big figures since Monday’s low and current price action suggests that positive sentiment remains intact ahead of today’s US jobs report at 12:30 GMT.
GBP/USD Daily Price Chart (September 2019 – April 3, 2020)
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FTSE 100 Holding Support as Trading Range Narrows
The FTSE 100 is currently forming a short-term bullish flag and the base around 5,340 needs to hold today to give the pattern further credibility. Thursday’s 5,555 high print is the initial upside target. In-between the two, the 23.6% Fibonacci retracement at 5,467 may provide support if closed above.
FTSE 100 Daily Price Chart (June 2019 – April 3, 2020)
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