The FTSE will continue to battle with the 8,000 level. The GBPUSD pair also needs to be watched closely as well.

The FTSE100 yesterday hit the 8,000 region for the first time, helped by a weaker pound and strong oil and gas earnings. It's likely the pound will continue to stay between the 1.18-1.25 region and therefore help export conglomerates of the FTSE as the UK becomes cheaper on a global scale. Also taking into consideration record profits from oil and gas giants as well as pharmaceutical companies tied to a lower GBP value is all good for business.

Looking at the chart the FTSE has struggled to surpass the 8,000 region, however, a pullback toward support zones could provide good buying opportunities. Initial support sits at 7,930 followed by 7,903 and then 7,850. In the short term is 7,850 breaks, then the bias could turn more neutral. Towards the upside, a break of 8,000 could take the FTSE towards 8,450 in the medium term.