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FTSE 100 falls into 61.8% retracement
The FTSE 100 has continued its descent, with the index dropping into a wider 61.8% retracement around 7473. That level has been providing clear support overnight, and will dictate the state of play for today.
An hourly close below 7473 would point towards a possible move into 7401 (76.4%). Should we see any bounce from here, we would need to see the price move above 7563 to negate the current short-term downtrend.