FTSE 100 – The Stalemate Continues as BoE Meeting Approaches

What’s inside:

  • FTSE 100 continues to trade in a range, holding key support at 7300
  • A breakdown likely to bring more momentum than a top-side break
  • BoE tomorrow, impact to be felt more in sterling than the footsie

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The FTSE 100 has been a tough one to get a hold on over the past month. It starts to head for a breakdown below the increasingly important 7300-level, only to then reverse into the 7400s and find sellers. Round-and-round we go. It could be worse, it could be the Australian benchmark, ASX 200, which has gone into a bizarrely persistent range for nearly four months now. Anything is possible, but doesn’t seem likely we will see that with the footsie given the nature of large multi-national companies which the FTSE 100 is mostly comprised of. But the price action does beg the question, are you coming or going? (Breakout or Breakdown.)

At the time of this writing, the UK benchmark is trading below the February 2016 trend-line, which on a daily closing basis has

Article source: https://www.dailyfx.com/forex/technical/home/analysis/uk100/2017/09/13/FTSE-100--The-Stalemate-Continues-as-BoE-Meeting-Approaches-PRtech.html?DFXfeeds=forex:technical:home:analysis:uk100