The FTSE ended 0.08% lower on Wednesday as market participants await the outcome of the G-20 summit. A US official expressed optimism over US-China trade progress, however the risk off sentiment stemming from Middle East tensions and trade uncertainty left the FTSE uninfluenced by the positive trade headlines. Cautious sentiment should limit the FTSE’s price action as traders await the outcome of the US-China meeting to determine direction.
The FTSE had a lackluster session on Wednesday as it ended 6 points lower at 7416 after spending the day within the range of 7435-7400. Look for a sustained move above 7430 to indicate buying pressure and target the 7450 level and the succeeding 7470 level. Alternately, a sustained move below 7400 would indicate selling pressure with a decline below 7370 required to drive the FTSE towards the near-term support at 7320.