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FTSE 100 pulls back to key trendline and Fibonacci support
The FTSE has moved lower following a sharp gap higher at the open. Crucially, we have seen price pull back to an ascending trendline, which is accompanied by the 6950 level and 70%-76.4% retracements.
This area of support has the potential to push the price higher once more, for a continuation of the uptrend in play in December to date.
An hourly close below 6927 would provide a strong signal that this trend could be coming under pressure and as long as price remains above that level, a bullish short-term view remains in play.