FTSE 100

Key insight

10,608 holds but momentum is absent — break above 10,650 needed to confirm continuation; failure risks a flush to the 50-day MA near 10,420. GBP weakness at 1.3509 is a dual-edged sword: boosts FTSE exporters, dampens imported inflation relief.

Flat at 10,608 — index consolidates below the 10,650 resistance zone as GBP/USD slides 0.3% to 1.3509, creating a FX headwind for international earners while oil at $100.2 provides partial offset.

Main risk

GBP/USD Reversal Risk

GBP/USD at 1.3509 (-0.3%) — a sharp reversal higher would squeeze the exporter-heavy FTSE index and compress earnings translation gains.