FxWirePro: FTSE100 struggles to close above 61.8% fibo, good to sell on rallies

• FTSE100 is trading in narrow range between 7282 and 7459 for the past one- month. The index has once again shown a minor dip after hitting high of 7432 on Tuesday and is currently trading around 7374.
   
• Short term trend is still weak as long as resistance 7451 (61.8% retracement of 7551 and 7282) and any close above will take the pair to next level till 7551/7600in the short term.
   
• Overall bullish continuation only above 7600 level.
   
• The near term support is around 7395 (34 day EMA) and any break above will drag the pair down till 7379/7315/7282 in the short term.

It is good to sell on rallies around 7425-30 with SL around 7459 for the TP of 7282.