FxWirePro: FTSE100 holds above 7000 level,jump till 7200 likely

After a huge sell-off of more than 250 points FTSE100 recovered more than 4.5% from the low of 6733. Global markets was trading higher after dovish Fed .US Markets has shown a minor jump after better than expected US Non farm payroll data. Brexit uncertainty is major concern. UK wants to renegotiate the Irish backstop But EU is not willing to reopen any talks. Pound sterling lost more than 150 pips and has taken support near 200-day MA around 1.3045. FTSE100 hits intraday high of 7045 and is currently trading around 7043.

Technically the index is holding above resistance 7000 and this confirms bullish continuation. A jump till 7140/7200 is possible.

The near term support stands at 6850/6800/6733. Further weakness will be seen only below 6733 low made on Jan 28th 2019.

It is good to buy on dips around 6960-65 with SL around 6900 for the TP of 7140/7200.