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FTSE 100 consolidates at 61.8% resistance
The FTSE 100 has been drifting lower in the wake of a rally into the 61.8% retracement and 200-day simple moving average (SMA) on the four-hour chart. This looks to be part of a wider retracement, and thus we could turn lower once more from either the 61.8% or 76.4% Fibonacci retracements.
As such, watch for whether we push above the 7500 mark in early trade as a signal of a potential short-term rally into 7550. Alternatively, unless we break 7500, there is a strong chance that we will continue to drift lower from this resistance confluence.
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