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FTSE 100 consolidation continues amid wider retracement
The FTSE 100 is turning lower this morning, in what looks like a continuation of the sideways price action seen over the past week. We need to see a move through 7405, or 7355, to signal a breakout from this short-term consolidation.
However, crucially, we are seeing a wider retracement in play, with yesterday’s price action moving into the 61.8% retracement. With that in mind, we are looking for bullish buying opportunities, with any further short-term weakness providing us with a better long position. That bullish view holds unless we move below 7195.