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The FTSE 100 index continues to consolidate 7437-7480, pausing to digest the latest March/April leg higher within a pre-existing 4-month up-channel.
After last week’s Brexit delay boost, the index has failed to benefit from any additional GBP weakness. Results season has also yet to provide any big name influencers to help drive the index above the current 7480 hurdle.
Bulls need a break above 7480 to extend the rally towards September highs of 7555, and then the long-term channel target of 7650.
Bears require a breach of 7437 lows of today for a test of shallow rising support at 7400. A bigger sell-off is needed to test the floor of the post Christmas up channel.
Our watch levels: Bullish 7478, Bearish 7437
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