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The UK Index is in the red, having given up most of its 7570-7620 rebound. Trump uncertainty continues to weigh after the Helsinki summit as corporate results season gathers pace (Goldman Sachs later). Tech sentiment dented by last night’s Netflix results and Amazon Prime day glitch. GBP positive but off highs, after UK PM May gave in to Brexiteer demands on Brexit Customs Bill, preventing as soft a Brexit as she would like.
Contributors: UK Index -15pts, pushed negative by BATS/RB/IMB/ULVR (stronger GBP), HSBA (heavyweight, Asia exposure), BARC (profit taking), BT/STAN/VOD (negative momentum) and BP (lower oil price). Struggling to offer enough bullishness are Miners/AZN/DGE (rebound), RMG (results) and RDSB.
Technicals: The UK 100 has broken back below 7590, eyeing up 2-week support at 7570 again.
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The UK 100 has broken back below 7590, eyeing up 2-week support at 7570 again.
Watch levels: Bullish 7595, Bearish 7570
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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Prepared by Michael van Dulken, Head of Research