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FTSE trades 0.41% higher

FXStreet (Mumbai) - The UK equity markets opened higher today mimicking a similar move in the other European equity indices. Moreover, the markets are taking cues from the rally witnessed on the Wall Street yesterday after the consumer confidence in the US rose to a 7-year high in October.

The Ftse is trading 0.40% higher at 6247.5 levels. The index breadth is positive with an advance decline ratio of 80:21. Among the top gainers are stocks like Intertek, TUI Travel, Rangold which are up 3.59%, 3.19% and 2.16% respectively. Meanwhile, Marks&Spencer, Standard Life are trading lower by 1.77% and 1.4% respectively.

The index may erase gains as most of the other major indices in Europe are declining after a gap-up opening, as the investors turn cautious ahead of the Federal Reserve meet.

Ftse Technical levels

The index has an immediate support at 6419, below which prices can slump to 6377 levels. On the flip side, resistance is seen at 6445 levels, above which the index can rise to 6482 levels.

Further GBP strength towards 1.6225 expected - UOB Group

The Market Strategy Team at UOB Group believe that GBP/USD should continue rising towards the 1.6225 area.
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