The FTSE edged 0.15% lower as low-volume trading ahead of the Easter Weekend kept the Index within a range. In terms of data, UK retail sales were better than expected reflecting a resilient British economy in the face of lingering uncertainty stemming from Brexit. However, the data left little reaction in the sterling as well as the Footsie as market participants await corporate updates from constituents of London’s blue-chip index to drive price action next week.
The FTSE struggles to summon the momentum to overcome resistance at 7470 as price exhibits range bound price action above the 20-period MA. Breaking through resistance would clear the path for gains towards 7560 and signal the continuation of the uptrend. Holding above the 7440 level maintains the bullish bias while a decline below this level would target the 7420 level.
Support: 7440/ 7420
Resistance: 7480/ 7560