The FTSE 100 treads water ahead of major central bank decisions. The RSI’s double top in the overbought zone is a sign of overextension and the index needs to consolidate after reclaiming last year’s top at 7670. The confluence of a former resistance and the 30-day moving average makes it an important level to gauge the strength underpinning the rally. An oversold RSI on the hourly chart may attract bargain hunters. 7560 is another support in case of a deeper correction. 7800 is the first hurdle before a rebound could gain traction.
