UK100 D1 06 18 2020 1500

Since the May meeting, the significant weakening in the UK economy has largely been in line with the BoE’s expectations with Governor Bailey stating that last week’s dramatic 20% plunge in GDP was not surprising.

For the FTSE 100, the focus will be on the size of asset purchases, in which a larger than expected QE package could see the FTSE 100 supported in the short run. Initial resistance is situated at 6402, before the post coronavirus crash high at 6500. On the downside, support is seen at 6234, which marks the 50% Fibonacci retracement, where a firm break below, opens the door to a retest of 6000.

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