GBPUSD pair drifts south
Cable remains downbeat as the strength of the dollar is prominent across the board. The RSI’s venture into the neutral area could cause a snap higher if sellers start to take chips off the table. However, bears could look to sell into strength due to the downward pressure. 1.3100 would be the first resistance to expect renewed interest, and only a rise above 1.3250 would turn things around. Otherwise, the recent low of 1.2960 would be the next stop.
USDJPY grinds higher
The Yen attempts to stabilise after losing more ground to the greenback. The pair continues to grind its way higher after moving above 149.00 as the October sell-off continues. A series of higher lows suggests that the mood is still upbeat and could attract trend followers aiming for 150.00. As the RSI recovers from the overbought area, bulls might see a pullback as an opportunity. 148.50 is the closest support, and 147.80 is the second layer of protection.
UK 100 probes resistance
The FTSE popped higher as it finally moved away from the 8000 level. The index is striving to hold onto its gains after clearing the recent peak of 8320. 8400 is the next significant level to maintain the current momentum and the breakout bias. Failing that, the swing low of 8240 would be a critical level to keep this month’s rally intact, as its breach would expose the double bottom at 8200.
