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The UK 100 is flat in its last session of the week, held back by GBP trading up off its lows to hinder those with international exposure and/or dividends. Healthcare is also under pressure ahead of a Trump speech which could see him take another swipe at high drug pricing. Sterling’s climb, however has a silver lining for Miners, with corresponding USD weakness offering more help to commodities and Miners, and keeping Oil up around 3.5yr highs to buoy Energy names.
Contributors: UK Index flat; positive contributions from Miners (weak USD helping metals), RBS (DoJ cloud removed), HSBC (share-buyback, Asia optimism) and ITV (building on yesterday’s results-inspired gains); negative drag from GSK (Trump speech), RDSb/BP (profit taking, oil off highs), ULVR/PRU/ABF (profit taking, stronger GBP).
Technicals: The UK 100 sits in a narrow 7690-7715 sideways channel, consolidating close to the ceiling of the longer-term rising recovery channel dating back to late March.
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UK 100 sits in a narrow 7690-7715 sideways channel, consolidating close to the ceiling of the longer-term rising recovery channel dating back to late March.
Watch levels: Bullish 7720, Bearish 7680
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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