The FTSE 100 is up today so far

FTSE is on the fundamental side

The FTSE 100 index rose slightly on Wednesday, supported by cautious optimism about the fragile ceasefire between Israel and Iran, as mining companies led the gains, and commodity-related assets rose thanks to improved geopolitical sentiment.

The governor of the Bank of England Andrew Bailey, and his deputy Ramsden, also strengthened expectations of the course of interest rate cuts in the UK.

FTSE on the technical side

The FTSE was able to rebound last week near its historical peak levels, which are centered at the resistance levels of 8,900 points, to now trade near the levels of 8,775, in an attempt to retreat further.

As the Foti is trading the lows of the downtrend on the four-hour frame, the indicator may push for further pullbacks as long as it is trading below this downtrend.

We are currently targeting 8,685 levels and then 8,570 levels.

This scenario fails in the event of a breakout of the 8,910 levels, or a close stop with a breakout of the 8,830 levels upwards.