The Footsie Index remains in bearish territory and ends Thursday’s session 0.88% lower. The Bank of England kept interest rates on hold yesterday on the back of a no deal Brexit prospect proceeding to warn against a slowing global economy. Today’s UK GDP growth figure will indicate how the UK economy is performing in the face of Brexit-related uncertainties thus impacting the Index’s movement.
The Footsie’s bearish momentum slows as sellers have yet to push price action well below support at around 6644. Near term resistance can be found at 6790 close to the 50-period moving average. Bollinger bands compress, suggesting the index may range in between the bounds before making a decisive move on the result of UK’s GDP figure.
Support: 6644 / 6586
Resistance: 6787/ 6845