HomeContributorsTechnical AnalysisFTSE Dipped Below 55SMA On Stronger Pound

FTSE Dipped Below 55SMA On Stronger Pound

FTSE fell to two-month low at 7179, following lower opening on Monday and subsequent bearish acceleration.

Significantly stronger pound keeps the index under increased pressure that resulted in break below 55SMA which held bears in past three days.

Fresh weakness cracked next strong support at 7184 (Fibo 61.8% of 7024/7444 upleg) and came ticks ahead of another strong support, daily cloud top (currently at 7169).

Daily studies are turning in bearish setup and favor further weakness. Consolidation above daily cloud could be expected, with broken 55SMA now acting as solid resistance and expected to ideally cap upticks.

Res: 7219, 7229, 7254, 7280
Sup: 7184, 7179, 7169, 7123

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading