FxWirePro: FTSE100 hits 4-1/2 month high after UK election result, jump till 7700 likely
FTSE100 recovered sharply and surged more than 5.5% in the past 3 days after the UK election result and easing the US-China trade tension. The Conservatives have shown a landslide victory in election by winning 365 seats compared to the 203 Labor party. It hits high of 7554 and is currently trading around 7521.
GBPUSD has halted its 1- month of the bullish trend and lost than 350 pips from a high of 1.35149. It is hovering around 1.32093.
Technically, the near term significant support is around 7424 and violation break beneath targets 7325/7298/7279. Major bearish continuation only underneath 7000.
The primary resistance is around 7560 and any break over will take the index till 7611/7700. Major trend reversal only beyond 7730.
It is good to buy on dips around 7475-80 with SL around 7425 for the TP of 7720.
