FTSE to reverse lower on BOE hike?
FTSE is being rejected again from the strong upside resistance 7130 a confluence of the falling trend line and horizontal line. A break above 7130 is required for the upside continuation which we find not likely as the BOE rate hike is around the corner and we can see a reversal to 6500.
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The weekly chart shows that the instrument is in the highly potential H&S pattern forming and is still in the process of forming the left shoulder and a break below 6900 will accelerate that.
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On a daily chart, we can see that the Already a member? This article is so good, it’s for premium members only.
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