FTSE 100 consolidating around key resistance
The FTSE 100 managed to break above the 7256 mark earlier in the week, hitting the highest level in over a month. This threshold is important for the index and the consolidation we are currently seeing is a reflection of that.
With the price breaking below the ascending trendline at the bottom of a rising wedge, there is a possibility of a retracement from here. As such, watch for an hourly close above 7272 to signal a continuation of the recent uptrend, where 7340 represents the next big hurdle to the upside.