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FTSE pulls back following hawkish Fed statement
The FTSE saw a nice bounce yesterday following a fall back down to the ascending trendline. We have seen the FTSE pull back heavily overnight and this morning, with the more recent price action forming a new lower high, and the price has now closed below the short-term support of 6428.
Given the close below 6428, I would expect further losses and do see this market trading lower throughout the day. As such, I am looking for a follow through of this move lower, as long as it doesn’t move back above 6436. The selloff is likely to look towards the 6384 and 6365 support levels.