Head and Shoulders Pattern Attracts Attention at UK100

While the interest rate decision announced by the Bank of England (BoE) was increased by 25 basis points with 7 to 2 votes, it was stated that increases can be made if necessary. Despite the expected decline in inflation, the failure to report that the interest cycle has been terminated puts pressure on the UK index. While the Head and Shoulders appearance is noteworthy in the index, which is under the uptrend, 7 438 support, which is indicated by the Fibonacci 38.2 percent retracement level, can be targeted in the pressure we expect to occur as long as we remain below the 7 532 resistance. On the other hand, if 7 532 resistance is exceeded in possible upward movements, 7 546 and then 7 592 resistance may come to the fore.