FTSE100

FTSE100 remains in red for the third day, driven mainly by firmer pound and extends pullback from fresh record high at 7587, posted last week. Current action is seen as correction of larger bull-leg from 7143 (28 Apr trough) and was signaled by overbought daily studies.
Daily RSI reversed from overbought territory and shows more room for extended correction, eyeing initial support at 7482 (Fibo 23.6% of 7143/7587 rally), followed by 7464 (rising 20SMA) and 7454 (thick 4-hr base, with extended dips expected to find ground at 7417 (Fibo 38.2%) to keep broader bulls intact.
Violation of the latter would risk deeper correction and expose next pivot at 7365 (daily Kijun-sen / 50% retracement).
Broken Tenkan-sen marks initial resistance at 7522 and caps today’s action.
All eyes are on UK election for fresh signals.

Res: 7522; 7551; 7570; 7587
Sup: 7482; 7464; 7454; 7417