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The UK 100 is holding this morning’s positive start, +32pts, although neither bulls nor bears are willing to commit much in either direction, ahead of the latest Non-Farm Payrolls report (1:30pm). This is expected at 192K, however, as always, any major deviation could move USD well off (in turn influencing the GBP and the UK Index )
Contributors: UK Index +32pts, aided mainly by RDSb/BP (oil’s new highs, share price breakouts), BLT/RIO (China PMI Services), IAG/PSON (Q1 results). Providing some downward pressure are HSBC (Q1 results disappointed), BATS and AZN (weaker USD/GBP off lows, all heavyweights).
Technicals: UK 100 sideways around 7530, trading in a 7520-45 range. This within its longer term 7-week rising channel, albeit at the lower end, closer to rising support than resistance.
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UK 100 sideways around 7530, trading in a 7520-45 range. This within its longer term 7-week rising channel, albeit at the lower end, closer to rising support than resistance.
Watch levels: Bullish 7545 (o’night highs), Bearish 7520 (rising support)
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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