London’s blue-chip index rose 0.60% on Friday as last week’s 3-day parliamentary votes have brought about a degree of clarity on the Brexit front and made room for gains despite lacking progress. PM Theresa May will now seek consent from the EU to extend Britain’s initial departure date regardless of whether her deal will be put up for another parliamentary vote this week should she garner enough support. Given that the week presents further Brexit developments and a BOE monetary policy announcement on Thursday, the outlook on the Footsie remains indefinite.
The FTSE index rallied on Friday as upward progress prevailed with a close at 7228 bringing back a potential re-test of the high at 7260 acting as a barrier for bullish continuation. However, until then the short-term outlook is neutral to bullish with initial support found at the 7180 level and the subsequent 100-period MA at 7130.
Support: 7180/ 7130
Resistance: 7240/ 7260