U.K. Shares Decline Amidst Rising Concerns Ahead of The U.K. General Election
U.K. shares edged lower for a second session in a row on Tuesday amidst rising concerns ahead of the U.K. general election on Thursday and a strengthening Pound.
U.K. stock benchmark – the FTSE 100 index dropped more than 0.2 percent following a loss of 0.3 percent on Monday. Recent down moves caused the index to retreat further from a fresh record high reached last Friday.
A poll released late Monday by Survation showed the gap between May’s Conservative Party and the opposition Labour tightened to 1 point ahead of Thursday’s election, down from 16 points a month ago.
Additionally, the testimony of former Federal Bureau of Investigation Director James Comey about alleged Russian interference in U.S. affairs also kept investors cautious and diminished the appeal of risky assets. The dollar weakened versus most of its peers ahead of the testimony, indirectly boosted the British Pound higher.
The pound added more than 0.15 percent to touch a high of 1.29495, up from $1.2903 late Monday.
Sell Stop at 7500.00, Take profit 7470.00, Stop loss at 7515.00