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FTSE 100 technical analysis

Tuesday, 10th September 2019 09:24 - by Rajan Dhall

The FTSE 100 has been looking week over the past few session although the trend is still an uptrend. 

 

At the moment the recent strength in sterling has been stopping the index moving up with its peers around the world. 

 

The US indices are heading back to all-time highs. While Chinese equities recover as the trade war rhetoric improved. 

 

Back in the UK the new law which means that the government must seek an extension rather than no deal pushed GBP/USD higher which in turn sent the FTSE 100 lower. 

 

On the technical side, we are stuck between two pretty important levels. On the downside, the support zone of 7025.9 is key as if its broken it would mean we have started a lower high lower low formation and vice versa on the upside 7334.9 has the same role. If the GBP/USD price consolidates and the trade war mood calms I could see a run on the higher levels. This is mainly due to the fact the FTSE will need to play catch up with the US and Asian bourses. We are also in earnings season now so there are a few outside factors that need to be considered.

 

 

The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.

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