FTSE 100 in Wait and See Stance Ahead of Bank of England Decision

FTSE 100 little changed as traders await the Bank of England rate decision, with expectations that the monetary policy will be kept unchanged. Traders following the headlines around the House of Representatives vote to impeach President Trump. Analysts expect that the news will not have any impact on markets as the impeachmenttt has to be voted also by the Republican-controlled Senate.

InvestingCube's S&R Levels

NAS100

NAS100 (11324.8)

In Profit

STOP

SELL

TP1

11478

TP2

11338

On the data front, the UK Retail Sales (month over month) came in at -0.6%, below forecasts of 0.3% in November. The yearly reading of Retail Sales came in at 1% also below the estimates of 2.1%. The United Kingdom Retail Sales ex-Fuel registered at -0.6% below forecasts of 0.3%.

Read our Best Trading Ideas for 2020.

FTSE 100 in Consolidation Mode

FTSE 100 digest the four-month highs for the third day in a row and looking for the next move. Bulls have returned in the index after the clear win from Conservatives in general elections.

Investors are cautious despite the positive momentum. Immediate support for FTSE stands at 7,526 the daily low. Next support will be met at 7,500 the low from December 17th. In case the index breaks below that support, bears will target the 200-day moving average at 7,328.

On the other hand, first resistance stands at 7,557 the daily top.  The next supply zone for FTSE 100 will be met at 7,557 the recent high. Above that level bulls might initiate another leg higher targeting the 7,646 high from July 31st which guards the  yearly high at 7,719.

Don’t miss a beat! Follow us on Telegram and Twitter.

More content