Major Support- 6800
FTSE100 has lost more than 2.5% in this week. The index moves slightly inverse to GBP trend. GBP was trading higher against all majors especially with USD and has jumped nearly 250 pips nearly 2% and hits intraday high of 1.3135 on news that DUP privately agreed to support UK PM Theresa May’s Brexit deal next week if there any specific time limit on the backstop. The index has formed double top around 7000 and started to decline. The index hits low of 6810 and is currently trading around 6860.
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.
