FTSE finished Thursday at 7140 gaining £23. Stocks are seen opening lower today tracking Asian markets ahead of UK third quarter GDP readings at 0930 GMT. Asian markets were reacting to weak Chinese inflation data and a hawkish hold by the US Federal Reserve overnight. In UK political news, Theresa May faced a fresh Brexit headache as her plans risked a rift with her Democratic Unionist Party allies. The economic events calendar has UK industrial production and trade balance figures at 0930 GMT and US producer prices at 1330 GMT.
Closing above Wednesday's high at 7140, the index confirmed its breakout through the prior session high after trading up to £35 above it intraday. We are still trading above the 200-period moving average, and this at least for the short-term is positive for Footsie. Buying might speed up should prices move above the nearby swing high at 7185 where further buy stops could get triggered. Alternatively, if we break through the 200-period MA and support at 7115, prices might retest the key technical support level at 7040. The RSI looks bullish signaling upward momentum for the next few hours.
Support: 7115 / 7040
Resistance: 7185 / 7225