FTSE 100 Price Forecast August 10, 2017, Technical Analysis

The FTSE 100 fell significantly during the day on Wednesday, testing the 7470 level. We broke above the 7500 level, on the bounce, and that of course is a very bullish sign. A break above should send this market towards the 7550 level. This is a longer-term bullish market, and I think that this pullback has offered value the people will take advantage of. This will be exacerbated if the GBP/USD pair breaks down significantly. Ultimately, if the pair breaks down significantly below the 1.30 level, that should have a knock-on effect over here and send the FTSE 100 higher as it makes British exports cheaper.

Currently buying on the dips

I believe that currently it’s probably best to buy on the dips, and I think that it’s only a matter of time before we reach towards the 7550 level again, and then higher. I have a longer-term target of 8000, but there is a lot of volatility with the British looking to leave the European Union, and that of course will cause quite a bit in the way of volatility and headline risk.

FTSE 100 Video 10.8.17