FTSE rally comes under pressure
The FTSE sold off sharply at the beginning of the week, unwinding some of the recent gains and breaking the price below an ascending trendline. Crucially, we have seen the 50-day simple moving average (SMA) hold up once more as support.
We would need an hourly close below 7475 to really start to bring a more bearish view into play. Until then, it seems as though the ascent could simply be slowing somewhat. Watch out for an hourly close above 7556 to confirm a continuation of the recent uptrend.