The FTSE 100 ended the week below 7,300 points trading at 7,288 for the first time in nearly 5 months, as the pound held its ground against the greenback and strengthened against the euro amidst positive economic news. Trade concerns still on the rise as President Donald Trump said on Friday that there could be an additional $267 billion in tariffs against China. In stock-specific news, ICAG fell to the bottom of the FTSE 100 after reports of data breach. In economic news, investors await the GDP and balance of trade figures to be released today out of the UK, and the Eurozone Sentix investor confidence.
Technically speaking, the index is still showing major signs of weakness as on Friday it closed below the lower band of the Bollinger bands (and below 7300). On the intraday level, the index is showing signs of correction in early session while still trading below 7300, awaiting stronger signals as the day evolves for either riding the correction above 7300 or shorting the index to the 7241 level(short bias).
Support: 7305.6 7196.6
Resistance: 7345.6 7419