FTSE100 has shown a good recovery of more than 2.5% after 20 day of huge selling of more than 5% on account of slight easing trade tensions.The Brexit uncertainty is putting pressure on GBP.British PM May said that in the final attempt she will be presenting “new bold offer” to get the deal to be done after failing three times in parliament’s approval for her deal.GBP was trading weak against USD and lost more than 300 pips in previous week. It is trading around 1.27432 and is expected to come down till 1.2660. It hits high of 7363 and is currently trading around 73.
On the higher side, near term resistance is around 7367 (20 day MA) and any break above targets 7385/7450.
The near term support is around 7240 and any violation below will drag the index till 7200/7185.
It is good to buy on dips around 7255-60 with SL around 7238 for the TP of 7365.
