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FTSE declines after the BOE rate decision

The UK Equity index has declined below the yesterday’s closing level of 6482 after the Bank of England (BOE) decided to hold interest rate unchanged at 0.5%. The central bank also left unchanged a stimulus program of holding 375 billion pounds, or about USD 603 billion.

However, the rate decision was accompanied by the news that the meteoric rise in the London housing has started to wane. As per the survey by the Royal Institution of Chartered Surveyors, house prices in London have dropped for the first time in more than three years. Moreover, the BOE has taken measures to toughen mortgage standards.

The Ftse is now trading 0.55% lower at 6445.80, with Telecom stocks leading the downfall with losses of 2.48%. Bank Index has extended the fall and trades lower by 1.4%.

Ftse Technical levels

Ftse trades at a critical support of 6446 (2nd Oct, 2014), below which the index can slump to 6400 levels. On the upside, major resistance is located at 6582 levels.

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