FTSE 100 continues to outperform today as oil rises and the Pound falls

Following on from the previous update, noting the further falls in the GBP/USD to test 1.2400, the FTSE 100 has continued to push higher at the same time. That inverse correlation is consistent and it has also been further aided by the gains seen in oil prices so far today. That has seen the price of Brent rise close to $75.75 per barrel and that coupled with the lower Pound has helped to ensure the FTSE 100 is the best performing major European index so far today. The FTSE 100 is now higher by more than 0.80% on the day, where the CAC for example of some 0.35% lower. That gives a good indication of how well the FTSE 100 has performed. That said, the FTSE 100 has seemingly just run into resistance on offer from the current 100 day moving average, in place right now at 8,244.The high has been set at 8,243. The index is currently trading around 8,225