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FTSE 100 Retreats Amid Increased Geopolitical Tensions

FTSE 100
FTSE 100

FTSE 100 started lower today amid increasing geopolitical tensions. A U.S. missile airstrike killed  a senior Iranian general in Baghdad. According to news reports, General Soleimani had just arrived from Lebanon when a US airstrike killed him and some members of his Iran-backed militias convoy.

On the data front, the United Kingdom Nationwide Housing Prices s.a (month over month) came in 0.1% beating forecasts of 0% in December, the yearly reading came in at 1.4% in line with estimates.

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FTSE 100 Positive Momentun Holds

FTSE 100 gives up 0.48% at 7,568 as the index retreat from five-month highs. On the technical analysis side, the bullish momentum is still intact despite today’s correction. Traders have to very carefull as an increase in tensions between Iran and USA might have a negative impact on riky assets.

On the downside, first support for FTSE 100 stands at 7,562 the daily low. And the low from December 23nd. If the index break below that level bears next target will be the 50-day moving average at 7,373.

On the flipside, immediate resistance for FTSE 100 stands at 7,605 the daily top. Next level on the upside that bulls will focus is the high from December 30th at 7,644. While a break above might question the next resistance at 7,725 the high from July 30th.

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