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FTSE rallying after overnight consolidation
The FTSE 100 is pushing higher off the back of a short-term pullback overnight, with the price heading towards yesterday’s high of 7385. An hourly close above that level would provide a bullish signal for another leg higher.
Despite the price trading within a typically bearish wedge pattern, such a breakout would largely negate the formation. Conversely, a failure to break through 7386, followed by an hourly close below 7367, would provide a bearish outlook for a move back into trendline support (currently 7334).