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FTSE 100 futures are currently trading at 7,210.3-higher by 0.07% as compared to the previous closing. The contract, however, closed in the negative territory in the last trading session.
In the Cash Markets, the FTSE 100 lost 0.12% to 7,205.07 at the time of writing.
The broad-market index was slightly lower on Wednesday as investors are waiting for the British election on Thursday, which can solve Brexit deadlock while investors are also waiting for the U.S and European central bank meetings this week.
The FTSE 250 midcap index fell 1.12% at the time of writing.
Investors are keenly waiting for the U.S Federal Reserve’s latest policy meeting, which is scheduled later on Wednesday. The market expects no changes in central bank policies.
FTSE 100 experienced a selling pressure due to the U.S china phase one trade deal as the U.S fix a slab of 15% tariff on around 156 billion dollars in Chinese exports.
Britain’s largest sportswear retailer, JD Sports, lost more than 9% on Wednesday after its largest shareholder reduced its shares in the company.
The pound inched down on Wednesday after the fresh poll, which predicted a weaker than expected lead by Prime Minister Boris Jonson’s conservative party.
The blue-chip stocks gained due to weaker pound as the bulk of their revenue came from outside the country.
According to the poll released on late Tuesday, the conservative party would win 339 seats in parliament while labour would secure 231 seats.
On the data front, U.K RICS House Price Balance data for the November month is scheduled to be released on Thursday morning. House Price Balance is expected to drop 5% for the month.
On the technical front, the RSI is currently at 43.31% and suggests that the market can continue trading sideways. The current price is below the MA5. The %K has crossed the %D from below to the upside at around 20% but suggests that the market can move in the downward direction.
Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion- Limit Sell at 7218. Take Profit at 7184. Stop Loss at 7235