The FTSE 100 has been volatile over the last couple of sessions, as we continue to reach around the 7350 handle. This is essentially “fair value” in this market over the last couple of weeks, so really, we haven’t seen much to make a decision one way or the other. I believe that back and forth trading should continue to be the case going forward, as range bound strategies are probably the most viable. If we could break above the 7400 level, that would be a very bullish sign and should send this market towards the 7500 level after that. Alternately, if we break down below the 7300 level, that is very negative and we should continue to go even lower. With all of this, I think that the noise will continue to be loud in this market, and with this I think that the market needs to see some type of impulsivity to get involved.
British pound
The British pound of course is important, and I believe that the GBP/USD pair will be greatly influential as to where we go next. I believe that the value of currency will have a lot to do with what happens next in this market, as the FTSE 100 is highly influenced by the export markets. With the massive number of headlines coming out of both London and Brussels, the British pound of course is highly volatile, and that will have a knock on effect over here. Currently, it looks as if the sellers may have the upper hand, but just barely as the market has been a very quiet over the last several weeks, and continues to do very little in the way of impulsive moves, or even some type of clarity.
FTSE 100 Video 10.7.17
This article was originally posted on FX Empire