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BoE today - rise or hold | 7710 7755 7802 resistance | 7647 7605 support | 5.5%

#1 · 21st September 2023, 9:21 am

Technical analysis for FTSE 100 for 21st September 2023

The FTSE 100 closed at its highest level in four months after the surprise drop in inflation last month. Britain’s blue-chip index has gained 0.93pc today to close at 7,731.65, its highest level since May. The FTSE 250 closed up 1.55pc at 18,712.37.

Todays big event is the BoE at midday and the question is will they or won't they raise the rate another 25bps. The Fed held steady this month and we had a surprise fall in inflation for August despite the rising fuel prices which could force the BoE to hold steady and let the recent rate rises (which have been pretty aggressive as they left it too late to start raising) filter through into the economy. On the other hand, if they put it up then there is more scope to drop it down next year.... and they are in a rush to get inflation down to 2/3% to make Rishi look good.