While the pound has garnered the lion’s share of attention in recent weeks, one by product of its strong surge higher has been an underperformance in the FTSE 100 (UK100 on xStation). Due to around 75% of FTSE100 revenues being generated in non-GBP terms an appreciation of the pound serves to act as a dampener on the broader index.
In recent trade the GBPUSD rate has fallen back near its lowest level of the week around 1.2840 and this has provided a boost to the leading UK stock benchmark with the FTSE 100 looking to play catch-up with its European and US peers after lagging behind in recent weeks.
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The UK100 is moving higher today and working on a solid day of gains for the 3rd day running. Price has moved up to its highest level since the start of the month with 7225 possible support and 7410 potential resistance. Source; xStation
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