UK100 Keeps Rising on the Brexit Vote

The UK stock market appears to have been the largest beneficiary of the comments made by Jacob Rees-Mogg, one of the most influential Brexiteers, hinting that he would be willing to back Theresa May’s proposal. In particular, the chairman of the European Research Group of euroskeptics in the UK Parliament suggested that a bad deal was better than staying in the European Union.

Technically, the UK100 appears to have been rising since the 11th of March, breaking through the 7145 level (Fib. 61.8%) and the key 7260 level, currently trading close to the psychological 7300 Resistance level. If Resistance is broken, the next key level would be at 7400, while the current Support is at 7260.

Indicators appear to be offering mixed signals, with the MACD recording ongoing strength, while Stochastics and the RSI are currently in the overbought area.

Click here to access the Economic Calendar

Dr Nektarios Michail

Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.