Our short entry issued yesterday with support target at 6162 was hit in early trade today with the FTSE printing a low at 6160 before edging higher with the BoE expected to launch another round of stimulus today amounting to 100 billion pounds in its bond buying program. With no tools ruled out, all eye’s on the BoE’s monetary policy meeting today for any hints of radical policy changes such as negative interest rates and yield curve control. Failure to print higher from here, on the back of a 4-hour bullish reversal candle will reaffirm bearish momentum with an hourly close below our support 6162 to favor lower prints.
Support: 6162 /6037
Resistance: 6307 /6379
