(UK 100)FTSE remains choppy
The (UK 100)FTSE fails to find direction as the chart shows a series of familiar trends. A slip below the previous swing high of 9180 has put the bulls on the defensive, giving back most of the gains. The latest uptick has come under pressure at 9130 as some buyers ran for the exit. However, its breach could extend the recovery to 9200. On the flip side, 9060 is the last chance for buyers to prevent a correction all the way to recent lows near 8900.
USDJPY stuck in lengthy consolidation
The Japanese yen kept the pressure on the greenback as price action continued to remain pressured. The pair has fallen over 200 pips in recent sessions, and the bearish mood means that pullbacks have been opportunities for the sell side to stake a claim. The greenback is hoping for some relief after finding some support. A bullish breakout would need a lift above 148.00, which was recently rejected. On the downside, 146.70 is the first support as the RSI ventures into oversold territory again.
GBPUSD breaks higher
Cable hits another wave higher as traders digest the Bank of England’s rate cut last week. A fall below 1.3400 was a sign of a bullish continuation after bears struggled to regain momentum. Sterling still has an edge from the daily chart’s perspective and the brief support-turned-resistance of 1.3480 is the level to lift before cable can continue its uptrend. Otherwise, a dent in support could cause a sell-off towards 1.3350 and then 1.3300.
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