FTSE lags peers as GBP gains post jobs data
The FTSE had a strong previous week gaining over 1.7% and it pushed over 7000 for the first time since the start of the pandemic.
GBP/USD strength mean the FTSE lags versus its peers.
UK unemployment figures beat forecasts unexpectedly dropping to 4.9%, down from 5% and beating forecasts of 5.1%. The claimant count came in at a much better than expected 10.1k in March versus 86.6k in February and 24.5k forecast.
Where next for the FTSE?
The FTSE continues to trade within the broad ascending channel dating back to November. It trades above its upward sloping 20 & 50 EMA on the daily chart.
The RSI looks a little over extended but a buy the dips attitude could continue to be a driver today.
Today its all about the 7000 level. This is a round figure which is attracting a lot of attention.
The recent breakout came from 6800, which has now turned into a strong level of support and could support a move eventually towards 7130 resistance and on to 7200.
Any break below 6800 brings the 50 EMA at 6760 into play and 6630 the lower band of the ascending channel.
FTSE lags peers as GBP gains post jobs data
The FTSE had a strong previous week gaining over 1.7% and it pushed over 7000 for the first time since the start of the pandemic.
GBP/USD strength mean the FTSE lags versus its peers.
UK unemployment figures beat forecasts unexpectedly dropping to 4.9%, down from 5% and beating forecasts of 5.1%. The claimant count came in at a much better than expected 10.1k in March versus 86.6k in February and 24.5k forecast.
Where next for the FTSE?
The FTSE continues to trade within the broad ascending channel dating back to November. It trades above its upward sloping 20 & 50 EMA on the daily chart.
The RSI looks a little over extended but a buy the dips attitude could continue to be a driver today.
Today its all about the 7000 level. This is a round figure which is attracting a lot of attention.
The recent breakout came from 6800, which has now turned into a strong level of support and could support a move eventually towards 7130 resistance and on to 7200.
Any break below 6800 brings the 50 EMA at 6760 into play and 6630 the lower band of the ascending channel.
