FTSE 100

Key insight

10,620 cleared prior range resistance at 10,580; next meaningful ceiling is the 2024 swing high at 10,780. GBP/USD flat at 1.3232 removes FX drag — FTSE exporters get full benefit of oil's 1.8% rally.

10,620 holds above the 200-day MA near 10,400 and last week's consolidation base; DAX +0.6% and oil +1.8% to $93 provide cross-market tailwinds for energy-heavy FTSE composition.

Main risk

Oil supply shock reversing

Oil at $93 flatters FTSE energy weights; a reversal toward $85 strips 30–40 pts from the index and flips the key driver bearish.