FTSE 100 Approaches Recent High as Boris Johnson Heading to Downing Street

FTSE 100 trades 0.65 percent higher at 7,563 as Boris Johnson announced as Britain’s next prime minister. Stock markets have totally discounted the Johnson election and now focus on the Brexit strategy. FTSE 100 is getting a boost by a weaker pound, GBPUSD is trading close to three years low at 1.2460 versus USD.

On the technical side FTSE 100 is in bullish mood mirroring Wall Street Indices. The index today confirmed the support at the 20 day moving average and now trades above all the major hourly and daily moving averages. Long positions will face resistance at 7,613 high from July 3rd while more offers will emerge at 7,700 zone the high back from August 2018. On the downside immediate support stands at 7,522 the 20 day MA and then at 7398 the 50 day moving average.

Mondi is a strong performer after saying that earnings would be higher than the €852m reported in 2018 as it guided for a big jump in earnings per share. Logitech is 6% higher after confirming 2020 targets for sales growth and income. Berenberg upgraded Smith & Nephew to ‘buy’.

European indices also trading higher midday, with DAX 30 outperforming adding 1.69% to 12,497 the CAC 40 in Paris is adding 0.96 percent at 5,620,

In Wall Street, the Dow Jones futures trading 0.41% higher at 27,288, the S&P 500 futures are 0.38% at 3,000 signaling a slightly positive start for equities in the other side of the Atlantic.

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