FTSE 100

Key insight

10,700 round-number caps near-term upside; break above confirms a run toward the 2024 all-time high at 8,474 equivalent 10,950 range. GBP strength at 1.3255 acts as a structural headwind for ~75% of FTSE revenues earned overseas.

10,650 holds flat — index stalls just below the 10,700 round-number resistance with no directional catalyst, as GBP/USD strength at 1.3255 caps export-driven upside for the FTSE's internationally weighted constituents.

Main risk

GBP/USD strength at 1.3255

GBP up 0.3% today at 1.3255 — compresses overseas earnings for the 75% of FTSE 100 revenues generated outside the UK when translated back.