It has been a long rally for the FTSE 100 after the Brexit . This was due to the pound collapsing against major currencies making it the worst performer for the year.
The queen's currency is now showing some strength ! We might see the GBP appreciating (more than it should) when Italy's constitutional referendum will be pronounced this Sunday.
Moreover a Head and Shoulders pattern appeared on the weekly graph and the neckline was touched today the 01/12/2016. It acted as a strong support for the FTSE 100.
If a vote against Renzi is confirmed Sunday be prepared to take position on the breakout :)
The queen's currency is now showing some strength ! We might see the GBP appreciating (more than it should) when Italy's constitutional referendum will be pronounced this Sunday.
Moreover a Head and Shoulders pattern appeared on the weekly graph and the neckline was touched today the 01/12/2016. It acted as a strong support for the FTSE 100.
If a vote against Renzi is confirmed Sunday be prepared to take position on the breakout :)