The Footsie made a modest rise of 0.29% as the sterling lost ground after the UK parliament rejected PM Theresa May’s Brexit deal on Tuesday. The rest of the week remains decisive in Brexit’s course as today delivers another vote on whether the UK is to withdraw from the EU without a deal. While a no-deal Brexit is likely to be ruled out, the uncertainty will continue to dominate sentiment and investors will tune into Chancellor Hammond’s Spring Statement for insight on Britain’s economic health.
The FTSE100 index continues to hold above the 50-period MA acting as support whilst consolidating around the 20-period MA as price lacks direction amidst Brexit uncertainty. Any upside move on the index will require a break through the resistance at 7220 whilst price ranges within 7180-7080 levels. Alternately, a break below the 7080 support would be needed to exert downside pressure on the index.
Support: 7080/ 7000
Resistance: 7180/ 7220