In my post of July 25th, I pointed out that Britain's FTSE 100 Index was trading around a major price support/resistance level of 5500. It subsequently bounced from there and has risen to the top of the large "Diamond" pattern (which, I mentioned, has been forming from 2009/10...and is, potentially, a topping pattern with a 1300 point range).
The updated Daily chart below shows market action, to date (October 18th's close). Price is facing immediate major headwind resistance from the upper edge of this Diamond pattern, along with negatively-diverging RSI, MACD, and Stochastics Indicators...one to watch for a potential breakdown, as the 1300 point range is substantial.
I'm mindful of the fact that Britain is also facing a 9 billion pound debt incurred from hosting the 2012 Olympic Games, as it struggles with a double-dip recession, severe public spending cuts, and an unemployment rate of 7.9% (as reported here on October 17th and shown on the graph below)...adding, enormously, to the above headwinds.
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