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FTSE retracing recent gains
The FTSE 100 has moved lower into trendline support this morning, following on from a failure to regain the 7205 mark. The key to further losses is a break below the 7160 level. Given the importance of the previous 7127 all-time high, a break below 7160 could set us up for a nice bullish pullback into the 7141-7146 region.
The uptrend remains intact for now and any retracement is seen as such (not a reversal). We would need to break below 7121 to negate this bullish view.