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FTSE 100 breakdown brings wider range into play
Yesterday’s sharp sell-off brought about a drop below trendline support, with the FTSE 100 hitting the lowest level seen in over two weeks.
This brings about a focus on the wider range, which utilises the 7553 as the low. A break below that level would point towards a greater potential of a strong sell-off. However, until that happens, it makes sense to look for Fibonacci support in the near term, with the price currently approaching the 76.4% level at 7595.