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FTSE 100 ascendancy hits Fibonacci resistance
The FTSE 100 has continued it’s ascent throughout the week, with the price gradually rising despite recent deep retracements.
With the price having hit the long-term 76.4% retracement (drawn from 7796-6841), alongside a historical zone of resistance, there is a good chance we could see a move lower from here. A break below 7500 would be required to negate the current downtrend. Until then, the creation of higher highs and lows remains in play.