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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, Strategist

FTSE 100 Analysis and News

  • Brexit Headline Risk Remains Elevated
  • UK Macro Events in Focus: BoE’s Vlieghe (Tue), Haldane & Carney (Thu)

Price

50DMA

100DMA

200DMA

RSI

IG Sentiment

Europe

FTSE 100

7470

7516

7586

7457

55

Mixed

DAX

12370

12360

12492

12487

57

Bullish

CAC 40

5483

5409

5408

5370

64

Bullish

US

S&P 500

2921

2871

2819

2756

60

Bullish

DJIA

26771

25832

25332

24966

73

Mixed

Nasdaq 100

7487

7465

7340

7053

48

-

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.

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

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)

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

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)

KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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