FTSE 100 WELL PLACED FOR FURTHER GAINS
The FTSE 100 index of the major London-listed stocks continues to head higher even as concerns rise about the cost of the economic stimulus programs designed to counter the impact of the coronavirus pandemic. After widespread falls in Asia Wednesday, stocks in several major European markets are firmer in early trade and for the FTSE in particular a return to the July highs now seems possible.
FTSE 100 PRICE CHART, DAILY TIMEFRAME (APRIL 28 – AUGUST 5, 2020)
Chart by Investing.com (You can click on it for a larger image)
The highest level reached last month was 6,323.55 touched on July 15 and that now seems a likely target for FTSE bulls. Note too that despite the recent gains by the index, the 14-day relative strength index (RSI) is still nowhere near the 70 level suggesting an overbought market, currently sitting at 48.5.
As for GBP/USD, that continues to trade sideways around the 1.31 level but the pair does still look overbought, with the RSI at 79.9. That implies that any extension of the advance that began at the end of June may have to wait until the current consolidation period is over.
Reprinted from dailyfx, the copyright all reserved by the original author.
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