The FTSE 100 tumbles as record high grocery inflation in the UK fans fears of higher interest rates. The index failed to hold on to the 30-day SMA (7870) after hitting resistance at 7950. A correction could be taking shape following a stellar rise since the beginning of the year. The RSI’s oversold condition has brought in some bids but that may not be enough to stage a meaningful recovery in the short-term. Instead, a fall below 7850 may prompt more buyers to bail out, triggering a liquidation towards the daily support at 7710.
