FTSE index held on to its gains and made a modest rise of 0.09%. PM Theresa May lost to the parliament’s votes on her Brexit approach, underlining a lack of support that may hinder the PM’s further attempts at Brexit concessions from the EU. However, another set of votes on the 27th of February will dictate the course of Brexit. While the latest developments led to a decline in the sterling, keeping the FTSE buoyed, European and US equities were in the red as disappointing economic data from the Eurozone and US dampened investors’ confidence. Today, UK retail sales data is due while US-China trade negotiations remain under the spotlight.
The FTSE ended at 7197 , the level which will dictate whether the bulls will gain the upper hand in today’s session. A break through the resistance zone at 7190/7220 will sustain the uptrend and keep the price rising with the upper band. While, the RSI support line continues to support bullish price action, its break will indicate a potential pullback whilst the index remains in positive territory.
Support: 7150/ 7060
Resistance: 7280/ 7370