FxWirepro: Cable Heads Towards Major Resistances, Consolidation Looks Healthy, Flurry of Bearish Candles Threaten – Trading & Hedging Setup
FxWirePro: FTSE100 Weekly Outlook
Major support- 7126 (200- W EMA)
FTSE100 recovered slightly from a low of 7136 made yesterday. It hits high of 7253 and is currently trading around 7205. The index was trading weak for the past 2-week due to the strong increase in Pound sterling.
GBPUSD has halted its 1- month of the bullish trend and lost than 50 pips from a high of 1.32150. The latest You Gov MRP predicts Tories 339 seats, Labour 231, SNP 41.
Technically, the near term significant support is around 7125 and any indicative break below targets 7020. Major bearish continuation only underneath 7000.
The primary resistance is around 7288 (55- W EMA) and any indicative break over will take the index till 7325/7350. Major trend reversal only beyond 7450.
It is good to sell on rallies around 7225-30 with SL around 7290 for the TP of 7100.