» » UK Market Update Tues 09 July 19: GBP at 2019 Lows, AIM Selling Slows

UK Market Update Tues 09 July 19: GBP at 2019 Lows, AIM Selling Slows

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GBP briefly made a new 2019 low against USD today as sterling sits around the $1.245 level: sterling has moved lost over 7% against the greenback since April this year. Despite pound weakness, the FTSE 100 closed down 0.2% today while the FTSE 250 lost over 0.6% and the TechMARK down -0.3%. The TechMARK has pulled back significantly from its new all-time-high but still remains above its 21EMA which suggest the uptrend is still intact.

Today AIM showed some sign of a reprieve in selling as 17 out of the last 24 have been down days. The index is at an important support level around the 900-908 level which is a co-location of support formed during the Feb/March ’19 consolidation and a 50% retrace of the Dec ’18 low to the May ’19 high. Today formed a candle around those levels which may is often a signal of a reversal: price action over the next few days will confirm if that is the case

Oil held the $64 level and rallied 0.7% on the day as gold stabilised and iron ore caught a bid. Copper remains weak but was flat on the day.

Market sentiment isn’t showing much sign of worry of late with the US VIX  around 14 and the European VIX below 13. The Fear index remains at 56 , a greed rating while the AAII Investors sentiment is showing a neutral

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