This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
FTSE 100 falls into 61.8% retracement
The FTSE 100 has continued its descent, with the index dropping into a wider 61.8% retracement around 7473. That level has been providing clear support overnight, and will dictate the state of play for today.
An hourly close below 7473 would point towards a possible move into 7401 (76.4%). Should we see any bounce from here, we would need to see the price move above 7563 to negate the current short-term downtrend.