FxWirePro: FTSE100 Daily Outlook
FTSE is trading higher after a minor decline below the 7300 levels. UK CPI came at 1.7% year-over-year compared to a forecast of 1.9%. The retail sales declined unexpectedly by 0.2% m/m compared to the 0.4% jump in July. The index has formed a minor bottom around 7025 and hits an intraday high of 7379. It is currently trading around 7367.
GBP was one of the best performers this month and jumped more than 500 pips against USD. It hits a high of 1.25269 and is trading around 1.24431.
Technically, FTSE100 is struggling to close above 100-day MA at 7350 and any daily close above targets 7400/7420.
On the flip side, near term support stands around 7288 (300- day EMA) and any violation below will drag the index till 7236/7200.
It is good to buy on dips around 7320-25 with SL around 7288 for the TP of 7420.