The FTSE 100 index struggling at the moment, still continuing its bearish trend and heading for its second negative week so far in June.

The FTSE 100 index struggling at the moment, still continuing its bearish trend and heading for its second negative week so far in June. The Bank of England rate decision scheduled to be released at 12:00 GMT, might negatively impact the index further. Currently trading at around 7,949, on the daily interval it is now approaching support at 7,432 (yellow trendline). A break and close below this support level could see a slide lower towards support levels sitting at 7,331 (orange trendline) and then at 7,203 (red trendline). At this moment in time, the bias remains bearish, but if we see some consolidation along its current level, then we would look towards resistance levels at 7,511 then at 7,587 and finally a major level at 7,688. 7,688 would be a tough resistance to overcome, therefore, only a break and close above it could see the index rise higher. But this would have to be evaluated at the time as other factors would have to be taken into consideration. For example, investor/market sentiment and the state of the economy. Looking at the technical indicators, MACD has just turned negative and so is the RSI as it keeps faltering and reads 34.