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The UK 100 is back from another fresh all-time high, after GBP got a boost from comments made by the BoE members including Governor Carney that he expected a rebound in UK economic growth, leaving open the possibility of August rate hikes after soft Q1 data led him to swerve in May. UK Index is still trending upwards, supported by the easing of US-China trade tensions, as well as a weaker USD supporting Metals & Miners.
Contributors: UK Index +15pts, helped by HSBA (ex-div recovery, share buyback, China relief), VOD (bounce after market digested CEO news, preference over BT?), GSK (ex-div recovery, momentum), RBS/LLOY (higher risk appetite), GLEN (China relief, weaker USD), FRES (weaker USD) and AZN (momentum after drug news). Providing some opposing pressure are BP (heavyweight, profit taking, Pound off lows), NG (profit taking), BATS/RB (Pound off lows).
Technicals: The UK 100 remains in its new tighter rising corridor that is, in itself, a part of a longer-term 8-week uptrend pushing the index to new all-time highs.
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The UK 100 remains in its new tighter rising corridor that is, in itself, a part of a longer-term 8-week uptrend pushing the index to new all-time highs.
Watch levels: Bullish 7887 (today’s record high), Bearish 7865 (2-day rising support).
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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