The FTSE 100 edged higher this morning ahead of the highly anticipated Bank of England (BoE) interest rate meeting.
Markets are expecting a rate cut from the BoE today which could help propel the FTSE 100 to fresh all-time highs,
Looking at a sector breakdown for the FTSE and consumer non-cyclicals leads the way with gains of 0.23% with only consumer cyclicals, financials,and technology (marginal) in the green as well. All other sectors are in the red at the time of writing.
Source: LSEG
Looking at companies, BAE Systems and Hikma Pharmaceuticals are weighing on the index with losses of 4.1% and 7.1% respectively. This was however offset thanks to significant gains from the Intercontinental Hotel Group which is trading around 7.% higher on the day.
In other news, Halifax data was released this morning and showed UK house prices went up by 0.4% in July, the biggest monthly increase this year, helped by lower mortgage rates making homes more affordable.
Technical Analysis – FTSE 100
From a technical standpoint, the FTSE has been rangebound since July 23.
Having broken above crucial resistance at 9048 the index has held above this level with previous attempts to break lower met with significant buying pressure.
Such an example occurred on Friday last week and saw the index find support at the 200-day MA on the H2 chart.
Price is currently reston on the 100-day MA and attempts to push higher have thus far stalled.
Immediate resistance is at 9144 before the 9157 and 8183 handles come into focus.
Looking at the downside picture, support may be found at 9120 before 9082 and 9048 come into view.
FTSE 100 (UK100) H2 Chart, August 7, 2025
Source: TradingView (click to enlarge)