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FxWirePro: FTSE100 trades below minor trend line support, good to sell on rallies
FTSE100 continues to trade to lower and lost more than 100 points from yesterday's high 7637. The decline was mainly due to sell-off in global markets on Coronavirus. US markets especially S&P500 lost more than 0.5% from an all-time high in 3037.
GBPUSD rises sharply after upbeat UK Jobs data. It came at 208000 in Nov and the unemployment rate at 3.8%.
Technically, near-term support is around 7551 (23.6% fib) and any indicative break beneath will drag the index down 7500/7470.
The significant resistance is around 7600, any indicative break up targets 7630/7685. Extreme bullish continuation only beyond 7730.
It is good to sell on rallies around 7610-20 with SL around 7685 for the TP of 7470.