FTSE100 is trading higher and jumped well above 7300 on strong UK jobs data. .UK jobless change for Feb came at 27k compared to forecast of 13.1K but unemployment rate came at 3.9% vs estimate of 4%. UK average earnings came at 3.4% vs 3.2% 3m/y. UK Parliament to vote on Wed for third time on Brexit deal after two previous defeat. The index has broken major psychological resistance 7300 and jumped till 7340 level. GBP recovered sharply more than 100 pips from yesterday’s low of 1.31839.
On the lower side, near term support is around 7245 (200- day MA) and any violation below will drag the index down till 7215/7180/7161 (20- day MA). Minor trend reversal only below 7082 (55- day EMA). Any violation below 7080 targets 6990.
The index is trading slightly above major trend line resistance 7315 and any daily close above this level confirms further bullishness and a jump till this confirms minor bullishness and a jump till 7385 is possible.
It is good to buy on dips around 7255-60 with SL around 7215 for the TP of 7385.
