That being said, the FTSE is far from a position of power despite early signs that European and American cities have begun to ease restrictions. Therefore, one of the few bright spots for the index may exist in the series of higher highs and higher lows starting in late March and holding above the recent low around 5,670 will be crucial in keeping the formation alive.While the upcoming event risk may provide the spark to make or break the level, evidence for a broader continuation higher might exist even if the immediate reaction to the news is negative – as long as it holds above the recent low. Should it fail however, the FTSE 100 may slip to an area of subsequent support around 5,500. This would muddy the series of successive higher highs and lows and would deal a technical blow in the short-term.If, on the other hand, the event risk passes and market participants are happy with the bank’s intentions, establishing another high above resistance around 6,225 will be important for staging the next leg higher. A gap exists immediately above the area, which may allow for bulls to capture the zone and enjoy a quick rush higher. Either way, price action may remain subdued until Thursday’s rate decision has passed. Join my colleague Justin McQueen for a live webinar of the event in which the resultant price action and implications will be discussed.
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