USD and FTSE100 in Focus. Trading WTI on Pullback. Forex Trading Short GBPUSD.

In today’s GCI Market Outlook let’s take a look at Forex Trading on the FTSE100, GBPUSD, AUDUSD, Silver, XAGUSD, WTI and Brent Crude Oil.

Last time we looked at a long gap trade on WTI and Brent Crude Oil and look what happened.

On WTI the gap was filled and, at resistance, we saw a pullback to $58.

The stochastic oscillator is oversold and turning up.

We see huge jumps in Gold and silver on the 1-hour and shorter time frames.

The stochastic oscillator is overbought but we will wait for confirmation of a reversal before going short.

The reason for the jump in gold and silver was a sudden fall in USD like this price action on GBPUSD.

We see price approaching the upper trend line and we are waiting for our technicals to indicate a reversal.

I encourage you to check other USD charts like this one on AUDUSD.

We are expecting a major announcement on trade from the White House and news media are expecting it is a trade deal between the US and the UK.

Let’s see.

Meanwhile, the S&P 500 is still bullish with price action bouncing off the lower trend line.

If that is the case, keep an eye on the FTSE 100.

Most of the UKs FTSE100 companies derive their income outside of the UK so a trade deal will help.

Price action is on a pullback and the stochastic oscillator was oversold and had turned up.

Keep an eye on GBP Pairs as well as we are expecting a lowering of interest rates today.

This may affect what we see on GBPUSD or the rate cut may already be priced in.

That’s all for now.

CFDs and FX are leveraged products and your capital may be at risk.