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FTSE breaks through key support level
The FTSE has broken below the crucial 7308 support level this morning, with a resurgent pound proving a drag on the index. The break through trendline support also provides clues that we could be set to embark on a period of weakness following an unprecedented run. Further confidence of such a reversal would come with an hourly close below 7264, which represents a more important swing low.
However, the trendline and 7308 break provides an increased chance of weakness. With Theresa May set to speak this morning, we are likely to see significant volatility for the FTSE. In which case, the ability or inability to break below 7264 could provide us with clues of the next move.