FTSE 100 Rise Ahead of Bank of England Rates Decision

FTSE 100 trading 0.58% higher at 7,356 as investors await the Bank of England decision and statement on interest rates. Fed yesterday delivered the 25 basis points cut hat the market expected. The United Kingdom Retail Sales (year over year) came in at 2.7% below forecasts (2.9%) in August. On the Brexit front UK sent written proposals to the EU to change the current agreement.

InvestingCube's S&R Levels

NAS100

NAS100 (11447.2)

Waiting for a Breakout

BUY

SELL

TP1

12000

TP2

On the technical side, FTSE 100 consolidates around the 100 and 200-day moving average. The index facing the resistance at 7,363 daily high and then at 7,404 the high from August 5th, a close above could open the way for a move up to 7,700 high, from end of July. On the downside, immediate support stands at 7,290 today’s low, while a break below will open the way for a test of 7,215 the 50-day moving average. More bids will emerge at 7,055 lows from August that the index rebounded twice.

European peers trading higher, the DAX 30 adds 0.14% to 12,407 while the CAC 40 in Paris trading 0.38% higher at 5,641, In Milan the FTSE MIB is 0.67% higher at 22,096.

In Wall Street, the Dow Jones futures trading 0.24% lower at 27,076, the S&P 500 futures are 0.24% lower at 3,001 while the Nasdaq futures are 0.38% lower at 7,888 signalling a weak start for equities in the other side of the Atlantic.Don’t miss a beat! Follow us on Telegram and Twitter.

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