The FTSE 100 struggles over UK rate rise worries to support a battered pound. A fall below the critical area and psychological level of 7000 is a strong signal that the market has slipped into bearish territory. After the RSI recovered into the neutral zone, a brief consolidation could be the last chance for the bulls to bail out before another round of sell-off. Waning buying has met stiff selling near the fresh resistance at 7050. A bearish MA cross suggests an acceleration to the downside. Last March’s low at 6770 would be next.
