FTSE100 – Cable weakness stands in a way of correction

FTSE 100 index of UK listed sharesFXCM

Description

⋅ Aug 16, 2016 6:00 AM

The overbought daily RSI and the bearish divergence on the money flow index suggest the index is poised for a correction to 6880 – 6806 levels.

However, a weak Sterling is standing in the way of correction.

Nevertheless, overbought indicators cannot be ignored for long and thus doors remain open for a move lower to 6880 levels.

In case, we see Sterling drop below yesterday’s low, the index could close-in on 7000 figure.

Comments

batmorph

⋅ Aug 16, 2016 6:34 PM

Hi
Ive been watching ftse closely last couple of weeks, do you think it will start to recover and go bullish again once it hits the 6880 levels?
Many thanks
Batmorph (Tony)