England have Exited Europe for the Second Time in a Week | Vantage FX

England have Exited Europe for the Second Time in a Week

June 28, 2016

England have exited Europe for the second time in a week, this time going down to Iceland (yes you read that correctly, ICELAND) 2-1 in the Euro 2016 quarter finals. If you’re not a football person then I’d compare expectations for that result to the shock Brexit win.

Actually I take that back, the football results is not really unexpected at all. It’s England… In a major tournament… This is what they do.

Britain’s economic future hasn’t gotten any more certain either, with markets overnight reacting negatively to the lack of answers about what exactly happens now?

On the economic calendar today, you can see we have the European Council Summit which features leaders of all EU member countries getting together in Brussels for a set of meetings around discussing in which direction Europe now heads following the Brexit vote.

Yep, they’re just as unorganised as Britain itself.

As discussed already, this risk-off market sentiment has seen Sterling, the Euro and stocks all take a beating, while Gold, Yen and even the US Dollar have all been major beneficiaries from the market anxiety that we’re in the midst of.

This uncertainty is always highlighted across stock markets, which indices traders can track and take advantage of if they’re in tune with the markets. Let’s take a look at some charts:

FTSE 100 Weekly:
Click on chart to see a larger view.

FTSE 100 15 Minute:
Click on chart to see a larger view.

The FTSE 100 really tried hard to fill the gap following the post Brexit panic open, but you have to wonder with the S&P’s continued weakness overnight whether it’s failure to hold onto its bullish momentum will be the last hurrah for UK stocks.

S&P 500 Weekly:
Click on chart to see a larger view.

S&P 500 15 Minute:
Click on chart to see a larger view.

Here’s the US market weakness I’m talking about. Coming out of higher time frame resistance and no momentum (plus new lows) on the lower time frame charts when it tried to retrace some of the panic. While I’m not as bearish as some post Brexit, the charts are saying that the panic selling on the back of uncertainty isn’t done yet.

It’s Tuesday and on the @VantageFX Twitter feed, we like to share some charts tagged with the #TuesdayFX hashtag. Share your charts and get involved in the discussion!


On the Calendar Tuesday:
EUR EU Economic Summit

USD Final GDP q/q
USD CB Consumer Confidence

Make the switch to RAW ECN Forex Broker Vantage FX today!

Dane Williams – @VantageFX

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