FTSE ended almost flat as it declined by 0.06% on Wednesday ahead of today’s BOE meeting. Investors will focus on BOE’s monetary policy results and meeting to determine Britain’s economic outlook against a backdrop of concerns over the nation’s manner of withdrawal from the EU. Should interest rates remain unchanged, The FTSE may be relieved from a further decline in price.
While the FTSE remains in bullish territory, price is struggling to take out the resistance level at 7200 to resume its uptrend as bullish momentum weakens. Given an RSI hovering at the overbought region, price action should range above the 7111 level or decline to find support at the 20-period MA.
Support: 7050/ 7000
Resistance: 7220/ 7295