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FTSE 100 pushing higher from consolidation
The FTSE 100 is breaking higher from its recent consolidation, in what looks like the beginning of another leg higher. A break and an hourly close above 7323 would point towards further upside to come, before we move into another consolidation phase.
There is still scope for this to be a multi-legged retracement of the 7435-7195 sell-off, which would point towards a move into Fibonacci resistance before moving lower once more. With that in mind, look out for potential weakness either at the 61.8% (7343) or 76.4% (7379) retracements. However, for now the trend is clearly pointing towards further upside from here.