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Market Update: FX, Index Wrap, GBP, UK100 Focus

jeffriess
October 16, 2020
by Joseph Jeffriess, Market Analyst

Hi traders, today we run over some of the main moves we saw overnight on Forex and Stock Indexes. So far today we’ve seen momentum continue to favour the USD and Japanese Yen.

Today in focus we have GBPUSD, GBPJPY and the UK100. The daily G/$ and G/J charts are showing recovery trend breaks that have started to form new lower highs. If we see new legs lower could this be the start of some new downtrends? The UK100 looked set to push support yesterday but buyers came in to hold the level. The weekly chart is also showing a possible lower high dead cat bounce pattern. Am I being bearish? Tonight will be interesting to see if sellers make a new push at support. We run over the price action and levels we’re watching in today’s update video.

News to come: 11:30 pm AEDT US Retail Sales and Core Retail Sales

Today’s Market Analysis Video

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