FTSE 100
NeutralArchived analysis from Aug 24, 2026, 8:26 PM
Key insight
10,800 round number now acts as pivot: hold above it and the 2026 breakout thesis stays intact; lose it and the 200-day MA near 9,800 becomes the next reference. Gold at $4,651 gives FTSE miners an outsized tailwind not visible in the headline index move.
Flat at 10,856 after a strong run to all-time highs above 10,800; GBP/USD at 1.3631 caps export-earner earnings, while Gold at $4,651 lifts miners — offsetting forces keep the index rangebound.
Main risk
GBP/USD strength at 1.3631
Sterling near multi-year highs trims USD-denominated revenue for the ~70% of FTSE 100 earnings sourced overseas — a sustained move above 1.37 compresses index EPS materially.
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