FTSE100 has broken high of 7363 made on May 16th after long consolidation on weak Pound sterling. GBP recovered sharply more than 100 pips after Theresa May offered new Brexit plan on Tuesday but MPs reacted negatively to UK PM’s last effort. GBP once again declined and hits 4-month low.UK CPI came at 2.1% yearly rate slightly better than expected compared to 1.9% previous.It hits high of 7372 and is currently trading around 7328.
On the higher side, near term resistance is around 7387 (61.8% fib) and any break above targets 7450/7500.
The near term support is around 7320 and any violation below will drag the index till 7300/7269.Any break below 7244 (300- day EMA) targets 7200/7180 (200- day MA)
It is good to sell on rallies around 7345-50 with SL around 7387 for the TP of 7245.