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FTSE 100 Weekly Look Ahead: Brexit to Dictate Near Term Price Action

FTSE 100 Weekly Look Ahead: Brexit to Dictate Near Term Price Action

Justin McQueen,
What's on this page

FTSE 100 Analysis and News

  • Brexit Headline Risk Remains Elevated
  • UK Macro Events in Focus: BoE’s Vlieghe (Tue), Haldane & Carney (Thu)
Price50DMA100DMA200DMARSIIG Sentiment
FTSE 100747075167586745755Mixed
CAC 40548354095408537064Bullish
S&P 500292128712819275660Bullish
Nasdaq 100748774657340705348-

As Brexit optimism faded last week following a rather unsuccessful Salzburg meeting between the EU and UK. The FTSE 100 saw its largest weekly gain since February, rising over 2.5% as the Pound plunged 1.7% at the back end of the week, while fresh record highs on Wall Street also supported the FTSE. However, given the size of the fall in the Pound, it is possible that a slight reprieve will be seen, consequently leading to a pullback in the FTSE 100. While sentiment may also take a dip after the US imposed $200bln worth of tariffs on Chinese goods, which led to China rejecting the latest offer for trade talks from the US. Headline risk surrounding Brexit continues to remain elevated, as such, short term price action in the FTSE 100 may continue to be dictated by the latest Brexit developments ahead of the Conservative party conference.

Source: Thomson Reuters

UK Weekly Focus

Few economic data points to drive significant price action this week, with UK GDP final readings the main report. Eyes will be on BoE rate setters with Vlieghe (Tue), Haldane & Carney (Thu) all due to speak this week. Volatility in UK assets will likely remain influenced by Brexit.

FTSE 100 Price Chart: Daily Time Frame (February-September 2018)

Chart by IG

FTSE 100 Technical Levels

Resistance 1: 7497 (38.2% Fibonacci Retracement

Resistance 2: 7535 (September 4th high)

Support 1: 7457 (200DMA)

Support 2: 7372 (50% Fibonacci Retracement)


--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.