UK100 - Remains under pressure

UK100GBP UK100

UK100 - Intraday - We look to Sell at 7500 (stop at 7525)

The previous day's bearish engulfing candle led to further selling yesterday. Previous support level of 7475 broken. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. The reaction higher is positive, however, we view this as an opportunity to set shorts in line with the overall bearish move lower. Further selling is expected to follow with the hourly Ichimoku cloud and our bespoke resistance (7500) offering incentive.

Our profit targets will be 7425 and 7400

Resistance: 7500 / 7525 / 7540
Support: 7460 / 7425 / 7400