FTSE100 is underperforming compared with global peers and lost more than 150 points from minor top 7431 level. The decline was mainly due to a sharp fall in 3i private equity firm share and strong Pound which affected export-oriented stocks. It hits low of 7281 yesterday and is currently trading around 7326.
The pound sterling holds strong and jumped more than 100 pips. Any break above 1.30125 confirms bullish continuation.
On the flip side, near term support is around 7280 (200-4 H MA) and any violation below will drag the index 7255/7200/7167. Major trend reversal only below the 7000 levels.
The near term resistance is around 7360, an indicative break above that level will take the index till 7400/7435. Bullish continuation only above 7450.
It is good to sell on rallies around 7345-50 with SL around 7400 for the TP of 7250.
