Stock prices in London are seen opening lower on Thursday ahead of the Bank of England's interest rate decision. Economists are expecting an interest rate rise from the BoE, although a hike has been largely priced in by investors. The BoE will announce its latest monetary policy decision, alongside the release of the Monetary Policy Committee meeting minutes and Quarterly Inflation Report, at midday on Thursday in London, on what has come to be known as 'Super Thursday'. Today's decision is expected to result in interest rates going to from 0.50% to 0.75%.
The UK Index failed to remain strong yesterday as volatility increases ahead of the BoE's interest rate hike. The FTSE100 pulled back from its upper resistance level at 7777 all the way back to the 2nd support at 7625. The RSI looks mixed to bullish suggesting a slight upside correction.
Support: 7625 7575
Resistance: 7705 7777