FxWirepro: Cable Heads Towards Major Resistances, Consolidation Looks Healthy, Flurry of Bearish Candles Threaten – Trading & Hedging Setup
FxWirePro: FTSE100 Daily Outlook
Major support -7000
The index has taken support near the 7100 levels and shown a minor pullback. FTSE100 was one of the worst performers in the past 1-week on account of the strong Pound sterling. GBP jumped more than 300 pips against USD on election optimism. It hits a high of 1.31661 and is currently trading around 1.31255.
Technically, the index is facing strong support at 7100, any violation below will drag the index down till 7000. Major bearish continuation only below 7000.
On the higher side, near term resistance is around 7204 and indicative break above that level targets 7250/7285. Short term jump can be seen if it trades above 7305 (200-H MA).
It is good to buy on dips around 7135-40 with SL around 7100 for the TP of 7240.