FTSE 100 consolidates amid recent downturn
The FTSE 100 has been in decline throughout the past two weeks, with the recovery in the pound denting confidence in UK-listed stocks.
We have been consolidating this week, with the index failing to break below Friday’s low thus far. A fall below the 7256 level would go some way to pointing towards further downside. Given that this consolidation comes around the wider 61.8% retracement (7247), a break lower from here would point towards a move into the 76.4% retracement level (7092).