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FTSE 100 Nears Important Support, Eyes BoE 'Super Thursday'

FTSE 100 Nears Important Support, Eyes BoE 'Super Thursday'

2018-02-02 11:30:00
Nick Cawley, Strategist
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FTSE 100 Talking Points

- The index of the UK’s top 100 companies has had a bad week, losing around 250 points with five red candles in a row. Fibonacci support nears; will it hold?

- The Bank of England ‘Super Thursday’ is up next week with all eyes on the Quarterly Inflation Report (QIR).

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FTSE 100 Nears Support After a Negative Week

The index of the UK’s top 100 companies has fallen for five days in a row – as we write as investors shun riskier assets. Sterling’s recent strength continues to weigh on exporters’ foreign exchange related gains, while rising UK gilt yields make the less risky fixed income space more appealing to investors.

Next week’s calendar highlights a couple of notable releases, the Markit/CIPS UK services and composite readings for January on Monday, and the Bank of England’s latest Monetary Policy Meeting and the Quarterly Inflation Report on Thursday. While the MPC is expected to announce no change to any of its monetary settings, the QIR will be parsed closely to see if the BoE believes that inflationary pressure has finally peaked, leaving the central bank more flexibility on its UK interest rate hike timetable.

We will be the covering the MPC and QIR release live on Thursday February 8 from 11:45am.

A look at the current FTSE 100 chart shows the market nearing Fibonacci support, of the September 2017/January 2018 move, at 7,424 before 7,336 comes into play. A look at the stochastic indicator shows the market in oversold territory - below 20 - which may put off further selling and provide another level of support for the index.

FTSE 100 Price Chart Daily Timeframe (September, 2017 – February 2, 2018)

FTSE 100 Nears Important Support, Eyes BoE 'Super Thursday'

Chart by IG

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--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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