The FTSE index edged 0.28% lower as the UK parliament remains divisive and have yet to agree on a way forward with regards to the manner of withdrawal from the EU. News report that an EU official proposed to offer a 12 month extension on the UK’s departure until lawmakers can ratify a deal. However, much remains unclear on the Brexit front and US-China trade progress is another global issue of which continuous positive updates may be the index’s driver in the face of domestic uncertainty.
The FTSE stalled its uptrend on Thursday as the price failed to extend past the resistance at 7420 and ended at 7401. There is a good chance the index is consolidating gains above the support at 11370 before advancing further towards resistance at 7470. A break below 11370/11350 would signal a short-term pullback while a trade above 11420 would signal a bullish continuation.
Support: 7370/ 7330
Resistance: 7420/ 7470