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FTSE 100 falling after early gains
The FTSE 100 managed to rally into another intraday higher high this morning, continuing the recovery/retracement phase that has been in play over the past two trading days. This points towards the potential for further upside, with the continued creation of higher highs and higher lows key to forming a deeper upside retracement.
Thus far we have hit the 50% level, and a break below 7476 would signal a potential end of this retracement phase. However, this index ultimately looks like it could run further to the downside unless we break above 7644. Therefore, a bearish outlook will likely come into play soon enough.