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June 30, 2023- 37.5 points is the FTSE's largest daily jump in 3 weeks.
- The FTSE overcomes resistance at 7,498; now eyeing 7,524.36
The FTSE has been losing ground for 7 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Tentatively higher from an earlier low of 7,471.69, the FTSE is up to 7,509.19 today, adding 37.5 points, or 0.5%, to yesterday's closing price of 7,471.69.
The index has been trending lower for about 2 months. Having set a significant high of 8,012.53 4 months ago, the FTSE is trading 6.75% lower.
A study of the FTSE's historical price actions shows FTSE broke through the 7,498 resistance and climbed above it 11.17 points; next resistance level is at 7,524.36.
Fundamental indicators – new United Kingdom GDP data was unchanged from the previous month and matched analyst projections of a reading of 0.1.
Other markets are also showing gains as Dow Jones goes up 0.8% to trade around 34,122. CAC is up 0.74%. DAX gained 0.79% and is currently trading at 16,072.
Upcoming fundamentals: United Kingdom CFTC GBP speculative net positions is scheduled for today at 20:30 UTC.
