Support
6809.5 (Sep 30 low)
6745 (23.6% of Feb low - Oct high + 100-DMA)
6654.5 (Sep 12 low)
Resistance
6900 (200-DMA)
6937.5 (Oct 17 low)
6955.3 (Aug 15 high)
Comments- Pair’s bearish close at 6854 coupled with RSI at 40… pointing lower suggests the doors have been opened for a further slide to 6745 (23.6% of Feb low - Oct high). A minor corrective due to Intraday oversold conditions cannot be ruled out. Upticks are likely to be met with fresh selling interest.
The BOE is likely to sound hawkish...something the market is expecting but is waiting for a confirmation. Consequently, the Pound may run higher across the board if BOE meets expectations and that could hurt the FTSE 100 index. Unless there is an explicit hint of another rate cut, the index is unlikely to see a major recovery.
6809.5 (Sep 30 low)
6745 (23.6% of Feb low - Oct high + 100-DMA)
6654.5 (Sep 12 low)
Resistance
6900 (200-DMA)
6937.5 (Oct 17 low)
6955.3 (Aug 15 high)
Comments- Pair’s bearish close at 6854 coupled with RSI at 40… pointing lower suggests the doors have been opened for a further slide to 6745 (23.6% of Feb low - Oct high). A minor corrective due to Intraday oversold conditions cannot be ruled out. Upticks are likely to be met with fresh selling interest.
The BOE is likely to sound hawkish...something the market is expecting but is waiting for a confirmation. Consequently, the Pound may run higher across the board if BOE meets expectations and that could hurt the FTSE 100 index. Unless there is an explicit hint of another rate cut, the index is unlikely to see a major recovery.
