FxWirePro: FTSE100 trades above trend line resistance,jump till 7261 possible

FTSE100 continues to trade higher for 6th consecutive day on positive Brexit news and strong global stock market. UK Parliament yesterday voted for extension of Article 50 deadline at the EU summit and won with absolute majority of 412. The index has broken major resistance 7215 after along consolidation and hits intraday high of 7228.Overall GBP was trading strong especially against USD and jumped more than 400 pips from low of 1.29600.

On the lower side, near term support is around 7180 (23.6% fib) and any violation below will drag the index down till 7157 (20- day MA)/7125/7070 (55- day EMA). Minor trend reversal only below 7042. Any violation below 7042 targets 6990.

The index is trading slightly above near term resistance 7215 (300- day EMA) and this confirms minor bullishness and a jump till 7261 is possible. Any break above 7261 confirms bullish continuation.

It is good to buy on dips around 7190-95 with SL around 7157 for the TP of 7260/7300.