London’s blue-chip index made a decline of 0.6% led by disappointing corporate earnings reports. Despite data showing steady unemployment rate and increasing job growth in the UK, a divided parliament over Brexit’s progressions weighs on Britain’s political and economic outlook. Meanwhile, US-China trade-related news will continue to impact market price action amidst domestic uncertainty.
The Footsie failed to sustain the price above the 7190 level and closed at 7179. Should the RSI reading fail to maintain above the 50-midline, price should fall below the 20-period MA to meet the support at 7060. Breaking through this level will negate the uptrend and signal selling pressure on the FTSE index.
Support: 7150/ 7060
Resistance: 7280/ 7370