Major resistance - 7730
FTSE100 lost more than 100 points after a 1-1/2 month jump of more than 550 points. The rise was mainly due to strong global markets on the US-China trade deal. US markets were one of the best performers in the past 1-year especially S&P500 jumped more than 40%. The re-escalation of tension between the US and Iran is supporting Safe-haven assets like yen and gold. According to reports, three rockets have fallen near the US embassy in Baghdad's green zone.
Markets eye next week BOE Policy for further direction. BOE Governor is expected to cut rates by 25 bps as growth to slow down further on Brexit uncertainty.
Technically, near-term support is around 7551 (23.6% fib) and any indicative break beneath will drag the index down 7500/7470.
The significant resistance is around 7600, any indicative break up targets 7630/7685. Extreme bullish continuation only beyond 7730.
It is good to sell on rallies around 7610-20 with SL around 7685 for the TP of 7470.
