Major resistance – 7237
FTSE 100 has recovered slightly till 7242 after a minor consolidation. The Global markets are trading higher especially S&P500 on easing US-China trade tension, Brexit uncertainty is putting pressure on the index. UK-EU has agreed for a new Brexit deal, but UK MPs have rejected the deal in parliament. The further delaying is slightly negative for the UK stock markets.
GBP is trading slightly lower after 1000 pips of a jump from a low of 1.19583 and close above 1.3000 confirms further bullishness.
Technically, major resistance is around 7265 and any violation confirms major trend reversal and a jump till 7300/7365.
On the higher side, near term support is around 7130-35 and any violation below will drag the index down till 7100/7020.
It is good to buy on dips around 7175-80 with SL around 7130 for the TP of 7265.
