Tuesday, July 16, 2019

FTSE100 - 16 July 2019

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Fundamental Highlights

The FTSE traded 0.34% higher on Monday as mixed economic data out of China provided a boost early in the day. In the UK, the pound is pressured by persisting Brexit uncertainties and speculations that the BOE would join global central banks’ dovish stance. Today the UK publishes employment data which, if disappoint, would drag the pound lower and continue providing support for the FTSE.

Technical Analysis

The FTSE traded 25 points higher to end at 7531 on Monday. The index managed to find support at the 7490/7500 zone coinciding with the 20-day MA that separates the FTSE from further weakness. Holding above 7500 would lead to the formation of a higher low and further advances should price trade through the resistance zone of 7570/7580 to target 7620.

Support: 7490/7470
Resistance: 7570/7600

Chart (H4)
FTSE100