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The UK Index is positive, but remains range-bound (7650-7680 channel). That said, it sits in the upper half of said range, thanks to weak June UK inflation data sending Sterling back levels last traded in Oct-Nov 2017, flattering UK Index ‘s many globally-exposed names. Note preference for defensives driving/buoying the index today.
Contributors: UK Index +40pts, supported by HSBA (heavyweight), DGE/AZN/GSK/PRU (weak GBP, momentum), BATS/ULVR/RB/IMB (defensives, weak GBP), BLT (results), RIO (momentum from results), CRH (weaker EUR, M&A news) and BP/RDSB (oil off lows). Pushing in the opposite direction are SMIN (profits warning) and RMG (negative momentum from results).
Technicals: The UK 100 is trading in the upper half of a 7650-7680 range, consolidating its recent rebound.
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The UK 100 is trading in the upper half of a 7650-7680 range, consolidating its recent rebound.
Watch levels: Bullish 7685, Bearish 7665
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