FTSE reacts to upbeat UK Retail Sales data

The FTSE (UK100) index price action sentiment appears bullish, supported by the longer-term prevailing uptrend. UK Equity index is digesting upbeat retail sales, hot inflation, and strong wage growth data.

The key trading level is at 8648, a swing low. A corrective pullback from the current levels and a bullish bounce back from the 8648 level could target the upside resistance at 8750 followed by the 8800 and 8850 levels over the longer timeframe.

Alternatively, a confirmed loss of 8648 support and a daily close below that level would negate the bullish outlook opening a way for a further retracement and a retest of 8590 support level followed by 8495.

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