How FTSE 100 trades after UK Prelim GDP? Why does the team of analysts at ADS Securities hold a bearish stance on the FTSE 100?
28 April, ADS Securities – After trading higher for three consecutive sessions, the FTSE 100 index retreated yesterday after the British Pound climbed to its six-month high against the US dollar as traders were disappointed by ambiguity in US President Donald Trump's tax plans.
How FTSE 100 trades after UK Prelim GDP
On the 1H chart, the price has crossed the long term and short term EMA’s from above, indicating the presence of potential bearishness in the coming session. Moreover, a recent negative centerline crossover by the MACD further affirms the above stance.
Key support is situated at the 7210 level, followed by the 7190 and 7160 levels. A move back below the latter might lead to further bearish momentum in the index. On the flipside, key resistance is positioned at the 7270 level where EMA 200 is trading, followed by the 7295 and 7325 levels. A break above the latter might trigger positivity in the index.
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