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FTSE 100 Price Forecast – explosive move to the upside on Thursday

Forex Daily Outlook – June 26, 2018

The FTSE 100 rallied significantly during the trading session on Thursday, reaching towards the 7775 handle, which was the top of the overall consolidation that we have been in for the month of June. Now that we are breaking above that level, it looks likely that we are ready to continue to go higher, perhaps slicing above the 7800 level. The 7800 level of course is a large, round, psychologically significant number, and of course an area that has been noisy more than once. If we can break above that level, the market could continue to go higher, perhaps reaching towards the 7900 level, and then eventually the 8000 level.

Ultimately, this is an area that could send this market right back down, but after this type of impulsive move, is very likely that the buyers will continue to come back. The 7700 level underneath could now offer a bit of a “floor” for short-term traders. The fact that we have pierced the top of the range suggests that the market is ready to go higher eventually. We have blown out a lot of short positions, now it’s time to build up enough momentum to continue going higher. Part of this was due to the British pound breaking down. That of course makes the idea of British exports being cheap, and that of course attract stock traders. I think that given enough time, the market will reach to the upside.

FTSE 100 Video 15.06.18

This article was originally posted on FX Empire

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