UK100 retests all-time high

4:44 PM 3 February 2023

British FTSE 100 jumped a new all-time high on Friday, surpassing the previous high from May 2018 at  7903.50 pts. The export-oriented index rallied over 1% during today's session as upbeat US economic data and yesterday's BoE decision temporarily eased concerns about a looming US recession. Also the Bank of England recently sounded somewhat dovish, saying that inflation had probably peaked and forecasting a shallower recession in 2023 after raising interest rates by a widely expected 50 bps.

UK100 contract which is tied with FTSE 100 rose sharply during today's session and is testing historic high at 7875 pts, however bearish divergence on the Momentum indicator warns against a potential downward correction. If sellers manage to regain control, nearest support to watch is located around 7640 pts.

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UK100, D1 interval. Source: xStation5

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