UK100 looks like it may be starting a correction, finally. The move from Feb-16 seems over-extended to me. The 38.2 fib retracement from Feb-16 lows to current highs is around 6800. The 50% fib retracement from the Brexit lows to current highs is around 6668, so a nice confluence of support there. A deeper move to 6446 (the post Brexit breakout @ 61.8%) is also possible.
A short in the FTSE may also be accompanied by a squeeze in cable as sentiment and positioning favours a move to reverse.
Short from 7508
A short in the FTSE may also be accompanied by a squeeze in cable as sentiment and positioning favours a move to reverse.
Short from 7508
Commentaire:
Failed at the 50 fib today on way up from yesterdays move. Need to see a new low now.