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FxWirePro: FTSE100 Daily Outlook

Major resistance - 7470

 

FTSE100 is consolidating after hitting high of 7468 on Jun 18th, 2019. The positive impact of the dovish Fed has overshadowed by dismal UK retail sales and BOE comments. UK retail sales declined for the second consecutive month and came at -0.5% compared to -0.1%. The clothing and footwear sales declined by 4.5% the biggest monthly drop since July 2015 due to dismal weather. The BOE has kept its rates unchanged and slashes its growth forecast for the second quarter to 0%. The index hits intraday high of 7451 and is currently trading around 7450.

 

On the flip side, 7390 low made on Jun 19th will be acting as near term support and any violation below targets 7350/7304-7317 (20- day MA and Jun 14th low).

 

The near term resistance is around 7468 and any violation above targets 7500/7529 (Apr 23rd, 2019 high).

 

It is good to buy on dips around 7410-20 with SL around 7380 for the TP of 7500.

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