FTSE pulling back within uptrend
The FTSE is gently retracing lower, following yesterday’s creation of a near two-month high. The ascent certainly seems to have slowed somewhat over recent days, yet the trend remains intact. As such, this pullback is viewed as a short-term retracement before we move higher once more.
Watch out for the 61.8% and 76.4% Fibonacci retracements as areas for potential new longs. As long as we do not see an hourly close below 6901, the bullish view remains in play.