The FTSE index ended virtually flat at 7194 as indicative votes on Brexit proved to be ineffective. The UK parliament failed to arrive at a consensus on the proposed alternatives to PM May’s deal and as a result PM Theresa May is seeking to put up her deal for a third meaningful vote. While Brexit continues to dominate attention as uncertainty prevails, markets will seek clarity on the global trade front as US and Chinese officials resume trade negotiations today.
The Footsie index re-tested and failed to surpass the resistance at 7220 as the RSI reading remains in negative territory. Holding above the 7180 level would indicate buying pressure should price successfully clear the resistance at 7220 to target higher levels. Meanwhile, price will continue to range within the 7220-7150 levels, with a break below the support at 7150 required to signal downside pressure.
Support: 7150/ 7110
Resistance: 7220/ 7260