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The UK Index this week – 11 Jan

The UK 100  looks set to close the week on the back foot, labouring under GBP strength. This came courtesy of timely speculation of a Brexit delay ahead of Tueday’s meaningful Brexit vote in Parliament.

The index will, nonetheless, book a 1% gain, extending late December’s bounce from 2.5-year lows. This  was inspired by after hopes of a US-China trade war resolution, higher oil prices, a more patient Fed, and bargain-hunting following a poor end to 2018.

Bulls need a break above 6925 to confirm a bounce from the 2-week rising channel floor. This would help inspire hopes of regaining 7000 (+85pts), if not challenging October falling highs around 7080 (+165pts). Bears require a break of the channel floor, and a drop below 6900, to raise hopes of a 365 point retrace of that 2-week rally from 6535

Our watch levels: Bullish 6925, Bearish 6900

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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.


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Prepared by Michael van Dulken, Head of Research

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