7735 and 7783 resistance to watch | 7635 support | Trading analysis

7735 and 7783 resistance to watch | 7635 support | Trading analysis

7th August 2018

Was a fairly flat day on the FTSE 100 yesterday but once it had hit 7635 it climbed back to hover around the 7670 level, but still failed to break above 7678. It needs to do that to push to 7735 next.

The GBPUSD rate fell below 130 yesterday amid reports suggesting that UK PM May is losing support due to her Chequers plan and some see her departure as essential. Boris for PM next?!

Asian equity markets traded mostly higher following the positive performance in their US counterparts. RBA stood pat on rates as expected. News highlights today include US APIs, US 3yr note auction, BoE’s McCafferty and further large-cap earnings. Don’t forget the large 36 point divi this week which may well continue to underpin the bulls for today.


FTSE 100 Trading Signals, Forecast and Prediction

With cable dropping below 130 and the large dividend this week I am expecting the bulls to have a bit of help keeping the FTSE above the 7630 level. The 2 hour chart has the 7633 area as support so any dip initially to that area still looks like a buy.

The bulls need to break above the 7680 level though as that then opens up 7735 as the next level of note, with more major daily resistance at 7783.

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