For the week of July 24, 2017, the FTSE was marginally on the positive territory as investors looked to raise the index to more than the 7500 level, but was hindered on the way with multiple obstacles near that level. But as the week went by, the Great British pound weakened and for exports in the United Kingdom, this is nothing short of good news. According to an FTSE 100 forecast from Christopher Lewis, a Forex trader from Columbus, Ohio in the United States, if the index goes above the 7500 territory it is probably going to go even higher, possibly even reaching the 7600 level.
“I think that pullbacks will continue to be supported, especially near the 7300 level. This is a market that should continue to find plenty of upward pressure longer-term due to the overall uptrend. I think that the market may continue to be choppy, but it should have overall bullish pressure.” Lewis wrote in his FTSE 100 forecast on FXEmpire.
Lewis also wrote in his FTSE 100 forecast that he went on to keep an eye on dips as value in the market and come to believe that the market might reach a brand new high sooner or later.
“A breakdown below the 7300 level could be negative, sending this market down to the 7200 level next, and then even the 7100 level. I believe that there is a massive amount of support between the 7000 handle on the bottom and the 7100 level above that. Because of this, I am waiting to see the market breakdown below the 7000 handle before I would consider selling. At that point, I would anticipate that the market would go to the 6650 handle.” he wrote.
He further added in his FTSE 100 Forecast that in the meantime the only thing he can do is buy this market as it is generally strong. For the long-term, Lewis predicts that the market will most likely go above the 8000 level which, according to him is a “large, round, psychologically significant target.”