FTSE continues to trend lower
The FTSE is in the process of pushing higher this morning, with gains in the US feeding through to FTSE futures last night. However, this rally is likely to be brief, with the downtrend clearly intact. Certainly today’s Bank of England decision has the potential to derail it and as such, it could be worth taking off short-term positions around the event.
However, for now the downtrend is still in play and we would need to see an hourly close back above 6675 to negate this bearish view. The next key support level is at 6613.