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FTSE rally looks destined to fail
The FTSE is rallying sharply this morning, following a sell-off which broke below the key 7010 support level. This points towards a further weakening of the index to come.
While we are rallying we would need to break above 7068 to negate the bearish view. As such, it makes sense to look for shorts from Fibonacci resistance, with 6980 and 6975 the key support zone to watch.