FTSE 100 rebound floundering
The FTSE 100 failed to rally through the 7618 level yesterday, following a bounce from the 61.8% Fibonacci support level.
With the price subsequently failing to break below that 7520 low, we are in consolidation mode currently. Watch for a break through the 7618 or 7520 level for a signal of where we go from here. However, a downside break may represent a shift into the 76.4% retracement rather than the start of a wider bearish phase.