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FTSE 100 pulls back into Fibonacci support
The FTSE 100 sold off overnight, with the price dropping into the 76.4% retracement of the recent recovery. There is a fear that this could be the beginning of another leg lower, yet it is worth watching to see the response to this Fibonacci support level to dictate the tone.
A break below 6967 and 6922 would point towards further downside over the short term. However, if we do respect this level, it could be the beginning of a new higher low for the FTSE 100.
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