FTSE 100

Key insight

10,800 is the line: price hugging it on low volume into a Friday close. Break above 11,000 opens all-time-high territory; failure below 10,600 (50-day MA) resets the medium-term trend. Gold surging +2.2% lifts miners but GBP/USD at 1.3646 pressures exporters.

Flatlines at 10,812 — index holds beneath the 11,000 round-number ceiling with 24h change of +0.02%, signalling exhaustion rather than conviction after a multi-month rally from the 8,000 region.

Main risk

GBP/USD strength at 1.3646

Sterling at 1.3646 compresses FTSE 100 earnings — roughly 70% of index revenues are foreign; every 5c GBP rise cuts ~3% off reported profits.