FTSE 100

Key insight

10,700 is the immediate gate: a daily close above it opens 10,850 (2026 swing high); failure keeps the index range-bound between the 50-day MA at 10,580 and that round number for a third consecutive week.

Holds 10,674 — +0.27% on the day but stalling below the 10,700 round-number resistance; FTSE's heavyweight energy and mining tilt benefits from Oil at $90.5 and Gold at $4,121.

Main risk

GBP/USD at 1.3307 — sterling strength

GBP flat on the day but elevated at 1.3307 compresses FTSE earnings reported in USD; every 1% GBP rise historically costs the index ~0.5–0.7%.