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Falling oil and rising Pound sees FTSE lag again

On Friday the FTSE 100 did manage to just climb above a noted resistance level, at 7,475. That was the price point of the 21 day moving average. The FTSE lifted to a high at 7,482, but that was the extent of it and the rest of the session saw the index fall back and set a low at 7,396. The index later closed at 7417. It is surely fair to say; that the rise in the GBP/USD on Friday, coupled with a drop back in the oil price weighed on the FTSE 100 and ensured it was the worst performing major European stock market index on the day. The 21 day moving average had also fallen ever so slightly by the close and ahead of the opening today it is in place at 7,474. Overnight the FTSE100 futures have not made any progress and right now the index is priced to open slightly lower, currently at around 7,410 
 

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