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FTSE 100 rallying into potential deeper retracement
The FTSE 100 looks set to head back into the highs of yesterday, as the index continues to gain ground amid a downturn that has dominated trade over the past fortnight.
That downtrend remains in place unless we break above 7696, pointing towards a strong chance that the current strength we are seeing is a precursor to further downside. With that in mind, watch for a potential rally into the 76.4% retracement, with a bearish outlook in play unless we break through 7697 resistance.