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FTSE 100 sets a daily close below technical support levels

Given that the FTSE 100 has been the dog of the major global stock markets, as I termed it yesterday, there was no surprise to see it fall further into the close as the US markets sank. The FTSE 100 fell below its 200 day moving average (7,547) and its 100 day moving (adjusted to 7,542) and then dropped below 7,500 ahead of the close. It did rebound slightly from a low at 7,492 and later closed at 7,512. So, technically that close was none too clever. The UK inflation data this morning might compound that negative close too, if it comes in higher than forecast. That data could also impact Gilts (UK bonds) and as such that will be a driver either way for the Pound as well. All will be revealed at 7am GMT, but one thing is for sure; the FTSE 100 could do with some lower UK inflation this morning 
 

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