UK100 has been trading in a steady upward move recently. Volatility may increase in the afternoon during two highly anticipated monetary policy meetings, from the Bank of England and the European Central Bank. Investors are expecting the UK central bank to announce a 25 bps rate hike and will be looking for clues on the future of the £875 billion QE program. Currently the British index is approaching the major resistance zone around 7577.1 pts which is marked with upper limit of the 1:1 structure and upper boundary of the wedge formation. Should break higher occur, upward move may accelerate towards all-time high at 7886.1 pts. On the other hand, if the BOE decision is negatively received by the market, then the index may fall towards support at 7,150 pts.
UK100, D1 interval. Source: xStation5
