FTSE 100

Key insight

10,825 is the pivot: break above 10,900 (Aug swing high) targets all-time highs at 10,990; close below 10,650 (200-day MA) flips the trend and opens 10,450.

10,825 holds above the 200-day MA at ~10,650 but stalls below the 2024 record high near 10,990 — range-bound with no clear directional catalyst.

Main risk

GBP/USD strength at 1.3537

Sterling at 1.3537 compresses FTSE earnings from dollar-revenue multinationals — each 1% GBP rise cuts index EPS ~0.5%.