FTSE 100 seeking to extend retracement
The FTSE 100 has been regaining ground this morning, as the index seeks to take back what was lost last week. That wider bearish trend does come into question given the wider retracement into the 61.8% Fibonacci level at 7247.
However, with trendline and horizontal resistance up ahead around 7325, there is a notable hurdle to overcome for this short-term bullish rebound to build any sense of purpose. Look for an hourly close above that level to point towards a more bullish end to the week.