FTSE 100 Loses Upside Momentum While Gold Price Bounces Back And GBP/USD Advances

(MENAFN- DailyFX (IG)) ​​​FTSE 100 loses upside momentum

​The FTSE 100's retracement from its near 3 1/2 month mid-June high at 8,902 has taken it to last week's 8,695 low before recovering to Monday's 8,818 high.

​Together with the late May high at 8,824 this week's high acts as short-term resistance with the April-to-July support line at 8,759 acting as minor support.

​Were it to be slipped through, the 23 June low at 8,720 may be revisited and perhaps also last week's low at 8,695.

​A fall through 8,695 would likely engage the 55-day simple moving average (SMA) at 8,659 and perhaps also the 23 May low at 8,601. While this level holds, the medium-term uptrend remains intact.

​Were the 8,818-to-8,824 resistance area to be exceeded, the 19 June high at 8,867 would probably be targeted. If bettered, the mid-June 8,902 high and also the March all-time high at 8,909 may be back in the frame. Still further up lies the psychological 9,000 region which represents another potential upside target.

Source: TradingView ​GBP/USD gradually rises

​GBP/USD is gingerly continuing its advance, nearing last week's high at $1.3771, a rise above which would lead to the mid-October 2021 high at $1.3835 being in focus.

​Immediate upside pressure should be maintained while Monday's low at $1.3674 underpins on a daily chart closing basis. If not, the $1.3669-to-$1.3616 support zone may be revisited.

Source: TradingView ​Gold price bounces off support

​The gold price's decline from its mid-June $3,451.50 per troy ounce near 3-month high to Monday's $3,244.42 low is being followed by another up leg towards Thursday's $3,350.42 high. If overcome, the 23 May high at $3,366 and the 23 June high at $3,393.64 would be back in focus, together with the 5 June peak at $3,403.62.

​Slips should find support between the 9 and 24 June lows at $3,295.32-to-$3,293.5.

​Further support sits between the 29 May and 30 June lows at $3,245.56-to-$3,244.42.​​

Source: TradingView Important to know

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