FTSE 100

Key insight

10,730 is the line: hold it and the 2026 breakout structure stays intact; lose it and the 50-day MA near 10,500 becomes the first real test. Gold down 1.7% squeezes the index's heavyweight miners today.

Stalling at 10,730 after extended rally — FTSE holds near multi-year highs but lacks a fresh catalyst; GBP/USD at 1.3531 caps export earnings upside for the index's large-cap dollar earners.

Main risk

GBP strength vs USD earners

GBP/USD at 1.3531 erodes translation revenues for FTSE 100's ~75% of earnings sourced outside the UK — a sustained move above 1.36 accelerates the drag.