Brexit Deal Agreed: FTSE Rallies Despite Surge In Pound
Fiona Cincotta October 17, 2019 6:41 AM
FTSE jumps on Brexit deal news
News that a Brexit deal has been agreed sent the pound surging. The pound looks to target $1.30 at time of writing, although there could well be more wind in the sails, with a move towards $1.34 not inconceivable.
The volatility in the pound and the UK markets won’t stop here. This is just half the battle. Traders will now turn their attention to the chances of Boris Johnson’s Brexit deal making it through Parliament.
Levels to watch:
The FTSE rebounded off a low of 7147 on the news that a Brexit deal has been agreed. The UK index is currently up 0.6% at 7210 but still remains below its 100 & 200 sma. A break above 7250 could indicate a more bullish outlook. On the downside, support can be seen at 7150 prior to 7110.
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