Technical analysis of the FTSE 100 as it resumes its ascent, GBP/USD stabilises and US natural gas prices continue to rise.
DailyFX Real Time News 2026-06-29 08:44:45
Context: The FTSE 100 has resumed its ascent, buoyed by the stabilisation of GBP/USD and rising US natural gas prices. This development comes amid a mixed global market backdrop, where Asian equities have eased due to investors rotating out of AI stocks, while oil prices have edged higher because of renewed Middle East tensions. The FTSE 100's recent performance is being closely watched by investors, with technical analysis suggesting potential for further gains.
Key Facts
- The FTSE 100 index saw four straight days of gains before a sell-off on Friday, but has resumed its uptrend, with recent highs at 10,568-10,575 expected to be revisited, and the April record high at 10,724 potentially back in sight if exceeded.
- Asian equities have declined, with Japan's Nikkei down 0.6%, South Korea's KOSPI down almost 2%, and MSCI's broad Asia-Pacific index down 0.3%, as investors shifted away from AI-related shares towards more defensive and cyclical sectors.
- Oil prices have edged higher, with Brent crude rising 0.8% to around $72.50 a barrel and WTI gaining 1.3% to $70.11, following renewed US-Iran military strikes that highlighted the fragility of the interim peace agreement and disrupted shipping through the Strait of Hormuz.
- US natural gas futures prices have continued to gradually advance towards their recent 322.8-to-323.8 late May-to-early June peaks, oscillating around the 200-day simple moving average (SMA) at 314.6, with immediate support found between the 10-to-17 June highs at 311.7-to-310.4.
- GBP/USD has stabilised above key support, bouncing off its 24 June seven-month low at $1.3140, with a gradual recovery potentially taking the cross to its 22 June high at $1.3273, and minor support sitting between the 6 April and 19 June lows at $1.3178-to-$1.3163.