The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
FTSE pullback could have short lifespan with Fibonacci support in view
Yesterday saw the FTSE 100 post a new intraday higher high, bringing with it a likely pullback. The initial retracement seen earlier in the week bounced from the 50% retracement and I am hoping for the same to happen today. As such, I am bullish while the price remains above the 50% (6609) and 61.8% (6600) retracements.
Given that there is the potential for big volatility, owing to the UK services PMI and possible Greek headlines, be prepared for potential volatility in the European session.