The FTSE has bounced from the trendline and continues to consolidate.

The FTSE100 bounced off trendline lows this morning. Major support sits at 7,170. With the FOMC statement due today, the index could push even higher, though tough resistance sits above and a spike higher could create a good short opportunity. Resistance sits at 7,327, followed by 7,515 and then the upper red resistance line at the 7,600 regions. Short opportunities could arise with further upside and long opportunities could arise on a drop back to trendline support. A break of this level could see 7,132 act as the next floor followed by the psychological 7,000 regions. While the GBP/USD pair remains low the FTSE will likely continue to stay elevated.