The FTSE is seen opening lower on Wednesday after US equities turned negative in late trading and closed lower. In UK political news, senior ministers have been urged to reject UK Prime Minister Theresa May's Brexit plan when they gather for a crunch showdown today, which might put some pressure on London stocks. The UK corporate calendar has half-year results from British Land, energy supplier SSE and airline Flybe Group. On the economic calendar, the UK will be releasing its inflation data for October.
The Footsie broke through the support at the 20-day moving average at 7040 and is now looking bearish in the short-term. Traders are now focusing on the 6970 support and 6865 in extension with the 7040 support acting as resistance going forward. The RSI looks bearish although it might indicate oversold conditions by the end of the day or in the next few days, triggering an upward rally.
Support: 6970 / 6865
Resistance: 7040 / 7115