Major Support- 6800
FTSE100 has lost more than 2% in three trading session. The index has formed double top around 7000 and started to decline. FTSE100 weakness was mainly due to global growth concern and strong Pound sterling. GBP was trading higher against all major on hopes of delay in Brexit. The index hits low of 6800 and is currently trading around 6877.
The near term major support is around 6850 and any break below targets 6800. Any major break below 6800 confirms bearish continuation and a decline till 6713 (61.8% fib)/6680 likely.
The major resistance is around 7000 and any minor trend reversal only above that level.Any break above 7145/7200.
It is good to sell on rallies around 6925-30 with SL around 7000 for the TP of 6800/6680.
