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FTSE 100 off the boil as Oil slips and GBP/USD extends gains
Following on from the previous update, noting the new 2024 high for the Pound versus the Dollar, the GBP/USD has now extended that move and lifted above 1.3240. At the same time, oil prices have now fallen back and the price of Brent crude for October delivery is now nearly $1 below its earlier high, as it drops back towards $80.50. So, the upshot of both those moves has served to push the FTSE 100 off its highs. Well, if ever you wanted to see a classic example how all these correlated trades work day in and day out, this is a perfect example of just that. The move higher in the Pound and lower in Oil is most often a barrier to gains in the FTSE and that is why it is right now coming off the boil and drifting back towards 8,350
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