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FTSE rallies back into range top
The FTSE has been incredibly predictable this week, with the July range of 7300-7386 holding up in a very consistent manner. With dovish comments from Bank of England’s (BoE) Ben Broadbent, we are seeing weak pound drive the FTSE back into the crucial 7381-7392 resistance zone.
Should we post an hourly close above 7392, then this could point towards a breakout in play. However, until that happens there is a good chance we will see the sellers come in once more from here.