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The FTSE is pushing lower once more this morning and an incredible rally for GBPUSD

FTSE

The FTSE is pushing lower once more this morning, with price breaking below the crucial 6767 mark. That provides us with the confidence that the short term trend is set to continue and as such, a bearish outlook remains in place, with the next support levels of note coming in at 6721 and 6640. As long as price continue to create lower highs and lower lows, it makes sense to remain bearish.

 

GBPUSD

Yesterday saw an incredible rally for GBPUSD, following a particularly super Thursday. Price has been consolidating overnight, with the next move likely to provide another leg higher for the pair. As such, an hourly close above 1.2494 would provide a renewed bullish view, whereas an hourly close below 1.2418 would hints at a deeper retracement of yesterday’s rally. At which point the Fibonacci support levels come into play.

Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.