Quote from Nick on 15th March 2019, 10:19 am

15th March 2019

Donald Trump has called on the UK and US to strike a “large scale” trade deal after Brexit, saying that the potential of an agreement is “unlimited”. The US president boosted hopes of a deal between the two countries by tweeting that he "looks forward to negotiating" an agreement with the UK. The US is already Britain's second-largest trading partner and Mr Trump has promised to "very substantially" increase trade with the UK after Brexit.

Brexiteers are concerned that a deal with the EU that keeps the UK in the customs union and aligned to EU regulations would severely damage the prospects of a trade agreement being reached with the US.

Theresa May has been handed a Brexit reprieve after an attempt by MPs to seize control of the UK’s departure from the European Union failed by just two votes. MPs voted 314 to 312 against a cross-bench amendment which would have paved the way for backbenchers to debate different Brexit options on March 20.

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FTSE 100 Trading Signals, Forecast and Prediction

For today we have a couple of resistance levels in play not far above the 7210 resistance level we shorted yesterday, at 7220 and 7247. As such it is worth trying shorts off both these levels today. The Brexit carry on continues with MPs voting for an extension to Article 50 to delay the March 29th leave date. Nothing like dragging it out!

[caption id="attachment_14659" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]

Above the 7247 resistance level, we have 7285 looking fairly key, though 7247 is the top of the longer term declining 20 day Raff channel. As such we are likely to see a stutter here and then maybe push higher next week, depending on news.

Support wise today, we have initial support at 7180, and that level has held well as support following the drop from 7210 yesterday. It has also held well overnight. Below this the 200ema on the 30min at 7161 and daily support at 7154 are both in play and a possible long here might be worth a go. Below the 7150 level and then I expect we will see a drop down to 7080 again.

One thing to note is that we have quadruple witching option expiry today. Quadruple witching days are usually accompanied by considerable volatility in stock and derivative prices, as well as increased trading volume, so be aware of this at 10:10 this morning. It lasts till 10:20 but we may well see a spike up and then a retrace.

For today, I am thinking that we maintain is this slight bullish bias and am watching those two resistance areas at 7220 and 7247. As its Friday it can also be worth going a bit risk off with lower stakes. Have a great weekend and good luck today.

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