FTSE 100 futures riding higher on the lower Pound this morning

A little earlier the GBP/USD did force a break below the noted prior April 2024 low, at 1.2300. That delivered a fall to a low at 1.2290. That is the lowest level for the GBP/USD since November 2023. The price action through that 1.2300 handle seems to suggest there were some stops in place just underneath it. That said the rebound back above 1.23 is less than convincing right now. So, the further pressure on the Pound this morning is having one positive impact though and that is on the FTSE 100. The index continues to feed off the lower Pound and totally ignore the higher UK yields. As noted before, that is also due to it being in the longer end of the curve. Perhaps were it not so, then it might be a different story. The FTSE 100 was also the best performing major European index yesterday, when it avoided a lower close (only just though), where the DAX and the CAC did not. The FTSE 100 closed 5.75 points higher, at 8,251.03 and the index is right now priced to effectively open close to 8,275 this morning