The FTSE is seen leading the charge in Europe, tracking Asian markets higher and on Brexit-related weakness in the pound and higher oil prices. A weekend full of Brexit headlines dragged on sentiment for the pound overnight. Sterling will remain under pressure particularly as November 21 moves into sight; the date which the Brexit Secretary hinted not so long ago as a possible agreement date, which is now looking extremely unlikely. The UK corporate calendar has full-year results from Carr's Group, and a trading statement from gaming and financial technology provider Playtech.
Though the Footsie is experiencing a short-term uptrend, this might just be a correction as prices are trading close to a key resistance level at 7185. The 200-period MA on the 4H chart will also most likely act as resistance. Selling could resume when the RSI starts signaling overbought conditions as it moves slowly above the 75 level.
Support: 7115 / 7040
Resistance: 7185 / 7225