Never miss a story from Nick Cawley

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Nick Cawley

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

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).

Check out our new Trading Guides: they’re free and have been updated for the first quarter of 2018

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

The Traits of Successful Traders and how to find the Number One Mistake Traders Make are just two of the topics covered in ourFree Trading Guides.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at

Follow Nick on Twitter @nickcawley1