Consolidating ahead of BoE decision, indicators pointing to a shift in momentum

The FTSE 100 index is currently trading at around 8,218 after what seem liked a week of consolidation ahead of the Bank of England interest rate decision due later today. From the highs in May, it seems like the FTSE has undergone a healthy correction following some profit-taking. A new higher low has been created around 8,111, which will also act as the key support level here in the short term. A break below this support would indicate an increase in selling pressure and potentially cause a sell-off towards the area of 7,900-8,000. On the other hand, towards the upside, the resistance in focus is the level of 8,265. A break and close above this level would create a potential setup for an extension towards 8,364. Some consolidation around 8,364 would be expected before any meaningful move back to the all-time highs. What is interesting to see here is the position of the technical indicators. The MACD on the daily chart looks to be curving higher, it may even turn positive before the week’s end. Additionally, the RSI is rising as it's now in a neutral position and reads 49.