FTSE reversing weekly 1% rise on Monday

Ahead of the BoE this week, the U.K.’s FTSE 100 declined 0.8% to 6,790.16 after ending last week on a positive note, higher by 1%.
GBP/USD softer as PM May gives a statement to House of Commons

Ross J Burland FXStreet

However, investors are treading cautiously into the last full trading week of the year amid concerns over global growth, Brexit and higher rates. In fact, the FTSE is on course for its worst quarter since 2011.

Despite the Christmas shopping spree, shares of U.K. fashion retailers slid on the back of ASOS falling by 40% after the profit warning, helping send the shares of its rivals into the red. The company warned of difficult November trading and cut its full-year outlook.

For the week ahead, eyes will be on the BoE. However, following today's address by UK Prime Minister May in MPs about Brexit but is drifting lower as May reiterated her opposition to a second Brexit referendum earlier today and announced a date for the meaningful vote as the 14th of January - The BoE is undoubtedly on hold and concerned.

FTSE levels

Support levels: 6738 6680 6607
Resistance levels: 6900 7004 7098

The index is extending its series of lower lows and the price has pierced S2 and closed near the low for the day at 6738. S3 is net target located at 6687 with daily RSI leaning bearish. The Dec 2016 lows at 6680 are a key downside target.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.