FTSE: Can Support at 7383 Hold Amid Pound Strength and Trade Tensions?
Fiona Cincotta November 28, 2019 11:03 AM
The FTSE has kicked off trading on the back foot weighed down by the election boosted pound and trade concerns
The FTSE has kicked off trading on the back foot weighed down by the election boosted pound and trade concerns, which are overshadowing a jump in domestically focused stocks.
Trade headlines are driving risk off sentiment. President Trump quietly signing the Hong Kong bill into law isn’t going unnoticed and investors are waiting to see the extent of the impact that his actions have on the fragile US – China relationship. Whilst risk appetite has taken a hit, the timing has been crucial with US stock markets closed for Thanksgiving.
Levels to watch
FTSE is down 0.3% in early trade. The index remains above its 200, 100 and 50 ma. Support can be seen at 7384, the low from the previous session. A breakthrough here could see the FTSE drop towards 7338. On the upside, a move above 7447 could indicate a more bullish outlook for the index.
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