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FTSE Fears UK Budget

by Ashraf Laidi
Apr 21, 2009 13:51 | 10 Comments

FTSE Fears UK Budget - Ftse Apr 21 (Chart 1)

FTSE-100 outlook looks increasingly shaky as the index is dragged by broadening UK concerns (tomorrows budget, unemployment, GDP and retail sales). Recall that FTSE-100 rose 20% from its March lows compared to 31% and 27% for the S&P500 and the Dow. Prolonged losses seen targeting 3,875 as early as today , which is the target from the current Head&Shoulder formation as well as the 38% retracement of the rally from the March lows to the April highs. Index attempts holding above 3,900 (55-day MA), but prolonged losses may intensify ahead of tomorrows event risk.

 

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Comments (Showing latest 10 of 10) View All Comments
taha
Cairo, Egypt
Posts: 50
16 years ago
Apr 23, 2009 13:11
Hi Ashraf ,
Thank you for your last recommendations about GBP/USD . Please , could you tell me what i should do to become professional ? .
Taha
Ashraf Laidi
London, UK
Posts: 0
16 years ago
Apr 22, 2009 22:27
Thanks Amir, Good luck.

Ashraf
Amir AK
Cairo, Egypt
Posts: 6
16 years ago
Apr 22, 2009 13:51
Thanks Ashraf....being a relatively recent member of your website...I would like to thank you for your insights...its very useful...I also ordered your book from Amazon (waiting for delivery) as its not distributed in UAE. Thanks agin
Cappy
United States
Posts: 19
16 years ago
Apr 22, 2009 1:37
Hi Ashraft,

Thanks for the info!!

Cappy
Ashraf Laidi
London, UK
Posts: 0
16 years ago
Apr 22, 2009 0:23
Amir, silver gradually pushing higher, needs to get over 13.60-90. Gold resistance at 915. Downside limited just above 200-day MA of 855.00.

Cappy, thanks. $1.4360 is key. Then $1.4105. Note how we failed to break above $1.47 in late NY trade.

Ashraf
Cappy
United States
Posts: 19
16 years ago
Apr 21, 2009 21:52
Hi Ashraf,

Thanks for all of your postings. I have been able to understand fundamentals alot better now that I have been reading your IMT daily and see how important they are in trading the forex. I really like that you take the time to communicate with traders about your analysis too.

I would be in favor too, of your offering your Currency course online.

Roughly how far down to you think the GDP/USD will drop with all these bad reports coming out?

Thanks!!
Ashraf Laidi
London, UK
Posts: 0
16 years ago
Apr 21, 2009 17:47
Rob, cable trend line resistance (from 1.5068 high) stands at $1.4700. a break above that stands to face subsequent resistance at $1.47550.

EURUSD and USDJPY still unable to break above 1.3 and 99,00

Ashraf
Rob
New York, United States
Posts: 305
16 years ago
Apr 21, 2009 17:17
By the way, I guess you think the UK numbers will be more important in driving down GBP/USD than being concerned with equities going up and driving GBP/USD up. It broke through the 1.4670 resistance and past 1.4700, as you know - do you feel the technicals have changed because of that? Thanks again
Rob
New York, United States
Posts: 305
16 years ago
Apr 21, 2009 16:02
Hi Ashraf,

I went back to your most recent article on Carry Trades in FX/Equities - based on the bottom chart (FTSE-100) can we assume that EUR/USD, GBP/USD and S&P 500 will all follow suit and drop along with the FTSE listed in this hot-chart? Also, is there a lag-time you know of for the tracking of all of these pairs and indexes - similar to the chart on EUR/USD and Oil you posted several weeks ago. Thanks a lot. I'm still shorting GBP/USD as per your IMT's and this chart - thanks a lot.
Amir AK
Cairo, Egypt
Posts: 6
16 years ago
Apr 21, 2009 15:34
Hi Ashraf,

Silver & Gold are facing some resistance. whats the short term risk and where would be a good stopp loss point? Thanks.
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