FTSE pullback after UK economic activity surprises to the upside
The FTSE (UK100) index price action sentiment appears bullish, supported by the longer-term prevailing uptrend. This morning UK Gross Domestic Product (GDP) rose at a faster pace of 1.4% YoY in the last quarter of 2024, compared to estimates of 1.1% and the 1% growth seen in the third quarter, upwardly revised from 0.9%. Market participants trim BoE expectations for rate cuts after GDP figures are published.
The key trading level is at 8680, which is 25th Feb swing low. A corrective pullback from the current levels and a bullish bounce back from the 8680 level could target the upside resistance at 8800 followed by the 8830 and 8916 levels over the longer timeframe.
Alternatively, a confirmed loss of 8680 support and a daily close below that level could open a way for further retracement and a retest of 8655 support level followed by 8590 and 8540.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
The key trading level is at 8680, which is 25th Feb swing low. A corrective pullback from the current levels and a bullish bounce back from the 8680 level could target the upside resistance at 8800 followed by the 8830 and 8916 levels over the longer timeframe.
Alternatively, a confirmed loss of 8680 support and a daily close below that level could open a way for further retracement and a retest of 8655 support level followed by 8590 and 8540.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.