FTSE pullback could have short lifespan with Fibonacci support in view
Yesterday saw the FTSE 100 post a new intraday higher high, bringing with it a likely pullback. The initial retracement seen earlier in the week bounced from the 50% retracement and I am hoping for the same to happen today. As such, I am bullish while the price remains above the 50% (6609) and 61.8% (6600) retracements.
Given that there is the potential for big volatility, owing to the UK services PMI and possible Greek headlines, be prepared for potential volatility in the European session.