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FTSE 100 Lower Ahead of Critical Brexit Vote

ftse 100
ftse 100

FTSE 100 trades 0.17% lower at 7,151.4 as the focus turns to UK Parliament for a vote on Johnson’s Brexit and appears that PM has the numbers on his side. EU’s Juncker said that it is painful spending so much time on Brexit, while Donald Tusk said that “We should be ready for every scenario”.

Stock investors are cautious trying to digest the news headlines from Brexit front and US-China trade deal reached last week.

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FTSE 100 Resistance and Support

On the technical analysis side, FTSE 100 has cancelled the recent rebound from seven-week lows on Brexit agreement news and high volatility in GBPUSD. The index formed a death cross last week as the 50-day moving average crossed below the 200-day MA giving a bearish signal for FTSE. On the downside, first support stands at 7,146 today’s low, while a break below will open the way for a test of 7,027 the August low. Below this level, the next support comes in at the lows seen on February 2019,  at 6,966. On the flip side FTSE facing the resistance at 7,175 daily high and then at 7.267 the 200-day moving average, a close above could open the way for a move up to 7,335 the 100-day moving average.

European benchmark indices trading mixed today, Dax 30 is 0.02% higher at 12,749 the CAC 40 in Paris trading 0.39% lower at 5,624, In Milan, the FTSE MIB is 0.29% lower at 22,411. In Wall Street, the Dow Jones futures is 0.10% lower at 27,769, the S&P 500 futures are 0.11% lower at 3,004 while the Nasdaq futures are 0.05% lower at 7,943 signalling a negative start for equities in the other side of the Atlantic.Download our latest quarterly market outlook for our longer-term trade ideas.

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