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FTSE 100 Weekly Look Ahead: Revisit Psychological Level as GBP Woes Persist

FTSE 100 Weekly Look Ahead: Revisit Psychological Level as GBP Woes Persist

Justin McQueen, Analyst

FTSE 100 Analysis and News

  • UK Earnings from FTSE Heavyweight HSBC
  • Key risk event come in the form of UK Q2 GDP

UK Earnings in Focus

Eyes yet again on earning season with the largest weighted stock in the FTSE 100, HSBC, reporting their latest financial results. In regard to performance this year, HSBC has underperformed the FTSE 100 by over 6%, partly due to the fact that HSBC is seen as a proxy for China with activity in Asia generating over half of the banks revenue. As such, eyes will be on whether trade wars between the US and China had a significant impact on the banks financial results. However, given that the Asia exposed Standard Chartered reported relatively firm figures last week, this may also be a similar case for HSBC.

FTSE 100 Influence

Company

Sector

Index Weighting

HSBC

Financials

7.3%

Background: Impact of Trade Wars click here

FTSE 100 May Remain Elevated on GBP Weakness

Last week’s Bank of England rate hike failed to inspire much support for the currency, which in turn keep the FTSE 100 notably firm, given the negative correlation between the two assets, which can be seen below. Consequently, focus will be on the plethora of UK tier 1 data at the back end of the week, with a first look of Q2 GDP data set to be released. As such, a negative surprise could push the GBP rate lower, in turn providing a boost for the FTSE 100. Another factor for added downside for GBP is the uncertainty with Brexit as rhetoric continues to suggest that a no-deal is becoming increasingly likely, subsequently keeping the pressure on the Pound.

FTSE 100 Weekly Look Ahead: Revisit Psychological Level as GBP Woes Persist

See our Q3 forecasts to learn what will drive FX the through the quarter.

FTSE 100 PRICE CHART: Daily Time Frame (January-August 2018)

FTSE 100 Weekly Look Ahead: Revisit Psychological Level as GBP Woes Persist

Chart by IG

FTSE 100 remains has been kept afloat by the 23.6% Fibonacci retracement of the 6841-7903 rise, which could see the index revisit the psychological 7700 level. Alongside this, RSI indicators continue to suggest that the bias for the index remains on the upside.

KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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