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Can the bulls push for 7300? | 7200 7175 support | 7257 resistance | Trading analysis and live chat room

21st February 2019

Sterling's rally against the dollar extended into a fourth day amid hopes that Theresa May can gain enough concessions from the EU to force her Brexit Withdrawal Agreement through Parliament. Mrs May headed to Brussels for crunch talks with European Commission president Jean-Claude Juncker to salvage her deal.

The pound reversed its early losses versus its rivals after Spain's foreign minister Josep Borrell revealed that a Brexit agreement was being "hammered out now". "The EU’s position is that the treaty won’t be reopened, but can be interpreted, or complemented with explanations that may be satisfactory," said Mr Borrell.

Mr Juncker admitted ahead of the talks that he "does not expect a breakthrough", warning that there has not been "enough movement for me to be able to expect this to be a discussion with a concrete outcome". The pound shrugged off its early wobble against the dollar to climb higher for a fourth day. It gained a further 0.2pc at $1.3088, extending its 2pc gain in recent days.

FTSE 100 Trading Signals, Forecast and Prediction

We got the dip and rise yesterday though it didn't quite manage to drop down to the 7160 support level before climbing back above 7200.  Overnight the strength has remained to a certain extent (remaining above 7200) and if the bulls can defend this level this morning we should see a rise towards the fib level at 7257. There is still the daily resistance level at 7303 and the target that the bulls are aiming for, though I think we might see a stutter at that fib level if we do rise initially.

[caption id="attachment_14597" align="aligncenter" width="821"]FTSE 100 Trading Signals, Forecast and Prediction FTSE 100 Trading Signals, Forecast and Prediction[/caption]

Support wise, there are a cluster at the 7200 to 7212 area, namely the 200ema on the 30min, daily pivot and the 30min coral. If we get an initial dip to this are then I think a rise from here towards that fib is likely.

With the strength yesterday (admittedly helped by the 20 point divi), the 2 hour chart has gone bullish again and is also showing support at the 7212 level. Overnight the Dow has hit 26000 again, with the S&P showing support at 2788 initially this morning.

So, still cautiously bullish for the moment watching the 7200 to 7257 range initially, with 7305 resistance higher up. We may well see a stutter at this higher resistance area though.

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