British Pound (GBP), FTSE 100 Steady As The UK Goes To The Polls

Date

7/4/2024 5:25:00 AM

(MENAFN- DailyFX) (GBP), FTSE 100 Steady as the UK Goes to the Polls Skip to Conten

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Host: Duration: min 09:19:57 widgets/economicCalendar._abbr () Actual Forecast Previous Revised EUR/USD Bullish
1h Last updated: Jul 4, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News Euro (EUR/USD) Nudges Higher Ahead of US NFPs and the French Election Outcome 2024-07-03 08:15:12 US Dollar Sentiment Latest – EUR/USD, USD/JPY, and GBP/USD 2024-07-02 15:03:18 Oil - US Crude Bullish

1h Last updated: Jul 4, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Crude Oil Starts July With Gains As Markets Look to Increased Summer Demand 2024-07-01 11:00:35 Crude Oil Q3 Technical Forecast: Narrowing Price Action May Keep Oil Within a Tighter Range in Q3 2024-06-29 18:00:00 Wall Street Mixed

1h Last updated: Jul 4, 2024

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Note: Low and High figures are for the trading day.
Data provided by News Dow remains contained, while Nasdaq 100 edges up and Nikkei 225 retakes 40,000 2024-07-02 13:00:38 Dow holds above 39,000 and Nasdaq 100 stabilises, while Nikkei 225 aims to push higher 2024-06-27 12:00:46 Gold Bullish

1h Last updated: Jul 4, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Gold Prices Gain As Fed's Powell Keeps Rate-Cut Hopes Alive 2024-07-03 11:00:16 Gold (XAU/USD) Latest – Will Fed Chair Powell Help to Break the Precious Metal's Range? 2024-07-02 08:11:15 GBP/USD Bullish

1h Last updated: Jul 4, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News British Pound (GBP), FTSE 100 Steady as the UK Goes to the Polls 2024-07-04 08:04:46 British Pound Sentiment Latest – GBP/USD and EUR/GBP 2024-07-03 15:00:43 USD/JPY Mixed

1h Last updated: Jul 4, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Dollar Sentiment Latest – EUR/USD, USD/JPY, and GBP/USD 2024-07-02 15:03:18 USD/JPY and GBP/JPY - Sentiment Analysis and Charts 2024-07-01 18:00:00 More View More

Heads Up:🇬🇧 UK General Election due at 09:00 GMT (15min)
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GBP/USD Daily Price Chart
FTSE 100 Daily Price Chart

GBP/USD and FTSE 100 Analysis and Charts

GBP /USD boosted by US dollar weakness.
FTSE 100 underpinned for now.

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For all market-moving economic data and events, see the DailyFX Economic Calendar
Labour leader Sir Keir Starmer is set to be handed the keys to No.10 tomorrow with his party forecast to win the general election by a substantial margin. The latest YouGov MRP poll forecasts Labour winning 431 seats, the Conservative Party 102 seats, with the Liberal Democrats in third place with 72 seats. According to YouGov there are 89 seats where the two top parties are within 5% of each other,
'What does this mean in practice? Our range for the number of Conservative seats is between 78 and 129 seats, while our range for the Liberal Democrats is between 57 and 87. That means at one end of the realistic possibilities is that we wake up on Friday to find Ed Davey (Liberal Democrats) is Leader of the Opposition. At the other end of possibilities is that the Tories are in a secure second place. The most likely outcome is the Conservatives just over 100 seats, the Liberal Democrats on around 72.'
The polling stations will close tonight at 22:00 UK and counting begins immediately. The BBC estimates that the first seats will be declared around 23:00 UK with the vast majority of seats declared by 06:00 UK on Friday.
Sterling remains rangebound going into the election and will remain that way until the result is known. GBP/USD is trading on either side of 1.2750, boosted in part by a weaker US dollar. Wednesday's US ISM report showed the economy contracting for the second time in the last three months, while the Business Activity Index slumped to 49.6 from 61.2, the first month of contraction since May 2020.

US markets are closed today for Independence Day, while tomorrow sees the latest US Jobs Report released at 13:30 UK.
GBP/USD Daily Price Chart Recommended by Nick Cawley How to Trade GBP/USD Get My Guide
The FTSE 100 is trading marginally higher in early turnover after both the Nasdaq 100 and the S&P posted fresh record highs overnight.
FTSE 100 Daily Price Chart
Charts using TradingView
Retail trader data shows 44.15% of traders are net-long with the ratio of traders short to long at 1.26 to 1.The number of traders net-long is 15.38% lower than yesterday and 0.96% lower from last week, while the number of traders net-short is 12.02% higher than yesterday and 4.80% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests FTSE 100 prices may continue to rise. Positioning is more net-short than yesterday but less net-short from last week. The combination of current sentiment and recent changes gives us a further mixed FTSE 100 trading bias.
FTSE 100 Mixed Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	-7%	5%	-1%
Weekly	2%	-7%	-3%

What does it mean for price action? Get My Guide

What is your view on the British Pound and the FTSE 100 – bullish or bearish?? You can let us know via the form at the end of this piece or contact the author via Twitter @nickcawley1 .

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