Footsie faces stubborn resistance

The FTSE 100 is testing long-term resistance at 7000/7100. Declining Twiggs Money warns of selling pressure. Retreat below 6950 would warn of a correction to test 6500.

FTSE 100

The quarterly chart below shows the FTSE 100 first tested 7000 resistance in December 1999, reaching a high of 6950, and has struggled to break clear of this level ever since.

FTSE 100

With the pound approaching record lows from 1985, and exports expected to rise, the Footsie finally has a decent chance of breaking clear.

GBPUSD

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