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Bulls need to defend 8540 today | FOMC rate hold | 8611 8640 8674 resistance

#1 · 7th May 2025, 10:25 am

Technical analysis for FTSE 100 for 7th May 2025

The bulls defended the 8570 level well yesterday however the price remains below the round number of 8600 for the moment, and ahead of the Fed today and the highly likely rate cut from the BoE tomorrow. If the plan plays out then we will see a 0.25% rate cut tomorrow and then the next one in September, and aiming for 4% interest rate by the end of the year.

Initially today we have support at the 8540 level as we have the key fib and the S1 level here, and we may well see a dip rise dip play out today. The 2h chart has gone bearish after yesterday's bear Tuesday and has resistance at 8640. That would set up a decent 100 point range to play today if that latter level holds as resistance too.

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