The FTSE continued to trade sideways on Thursday and ended 0.19% lower as markets await the outcome of the G-20 summit to determine direction on the FTSE. We can expect the FTSE to remain indecisive unless trade headlines lead to a change in sentiment over the prospects of the US-China meeting. In terms of data, the UK publishes GDP data which is expected to show a growth of 0.5% in the first quarter. We will look to the data’s impact on the sterling to possibly influence price action on the FTSE which benefits from a weaker currency whilst cautiously waiting for further trade developments.
The FTSE traded sideways on Thursday as it found support once again at 7370 before ending at 7402. Chances of re-testing the resistance level of 7470 would increase with a sustained move above 7420 and overcoming the trend line resistance off of the series of lower intraday highs. Meanwhile, a sustained move below 7400 would indicate selling pressure with a decline below the holding support at 7370 required to lead the index towards the 7320 level.