FTSE index made a modest rise of 0.26% to end at 7196 as lingering uncertainties on the Brexit front keep a lid on gains. Today the UK parliament will hold a series of votes on alternatives to PM Theresa May’s deal in hopes to lead the course of a smooth Brexit and rid the possibility of a no-deal scenario. Thus, Brexit headlines will dictate sentiment as market participants await the result of today’s event to direct price action on the FTSE.
The FTSE extended its upward progress from support at 7150 to the resistance at 7220 before ending at 7196. The Bollinger bands have narrowed suggesting a period of indecision and impending volatility ahead of today’s indicative votes on Brexit. Holding above the 7180 level would indicate further advances should price overcome resistance at 7220 to target 7240 and 7260. Alternately, a decline below the 7150 level would signal a bearish continuation and target the support at 7080.
Support: 7150/ 7110
Resistance: 7220/ 7260