The Footsie edged 0.37% higher as market participants seek to consolidate gains amidst Brexit uncertainty. Following Wednesday’s vote on a no-deal Brexit, The UK parliament voted on delaying the UK’s date of departure from the EU which would require consent from the EU and entails another vote on PM Theresa May’s Brexit deal. Apart from the uncertainty on the Brexit front, A meeting between the US and China has been delayed and adds to the lack of clarity on monitored global trade developments further limiting clear direction in UK equities.
The FTSE failed to extend upward progress past the resistance at 7220 and subsequently ended at 7185 on Thursday. The Index remains in an indecisive phase amidst Brexit uncertainty and should consolidate within the range of 7220-7130. Surpassing resistance at 7220 points to a re-test of the high at 7260, while a decline below the 100-period MA at 7130 would suggest downward pressure.
Support: 7130/ 7080
Resistance: 7220/ 7260