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FTSE 100 drops below 7700
Monday’s breakout seems but a distant memory, as the FTSE 100 falls back below 7700 and towards the trendline it broke at the beginning of the week.
The failure yesterday to break 7772 signified that a deeper retracement was likely, and that is what we have seen so far. A break back below 7660 would be a bearish development.