The FTSE plunged by 3.99% to close at 6076 on Thursday as the Fed’s grim economic assessment coupled with headlines over an uptick in new coronavirus cases in the US dragged on sentiment. Today, the UK showed its economy contracted by 20% in April as it struggles to recover from the pandemic. The FTSE is expected to see further downside with a break below 6040 near the 100-period MA required to target the lower support at 5960. Alternately, a sustained move above 6040 is required to enable a rebound to test the resistance at 6200.
Support: 6040 /5960
Resistance: 6150/6200
