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FTSE rallying towards key resistance level
The FTSE is pushing higher this morning, as a sharp deterioration in the pound provides a boost for internationally based stocks. Crucially, we are seeing the price move closer to the key 7555 resistance level, which, if broken, would point towards a continuation of this resurgence. The long upper shadow on the current candle could provide a warning sign that this ascent could falter.
Until we see the 7555 level broken, there is a risk that we will see this market turn lower in line with the recent trend.