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FTSE 100 unwinding
A sharp drop on the open has seen the FTSE touch its 50-day simple moving average (SMA) at 7275 for the first time since late February. The 7260 area provided crucial support back in the first half of March, preventing serious downside, so this is the initial area bears need to break.
Below this we have 7192 and then 7130 as levels to watch for a possible bounce. The first key area of resistance would be 7320, followed by 7359 and then 7400. A break and then retest of 7260 would potentially indicate a bigger unwind is at hand here.