FTSE100 has declined more than 60 points for the day after forming a minor top around 7262 level.the decline was mainly due to jump in pound on hopes of delay in Brexit till 2021. GBP was trading higher against USD and has recovered nearly 190 pips from low of 1.29685.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 low of 7099 is trading around 7104.
On the lower side, the index is facing strong support around 7100 and any break below will drag the index down till 7061/6982. Any minor weakness below 7932.
The major resistance is around 7121 (20- day MA) 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.
