FTSE100 has shown a minor recovery till 7168 yesterday and started to decline on huge recovery in GBP on hopes of delay in Brexit till 2021. GBP was trading higher against USD and has jumped more than 150 pips yesterday . The index has jumped more than 10% in past 50 trading day on account of US-China trade talks optimism and bullish trend in global stock market. It hits intraday low of 7092 and is trading around 7099.
On the lower side, the index is facing strong support around 7088 and any break below will drag the index down till 7061/6982. Any minor weakness below 7932.
The major resistance is around 7120 (300- H EMA) and any convincing break above targets 7160/7190. The index should break above 7215 (300- day EMA) for further bullishness.
It is good to sell on rallies around 7145-50 with SL around 7185 for the TP of 7050/7000.
