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GDP expands but growth target missed | 8800 8750 8710 support | 8842 8876 resistance

#1 · 13th February 2025, 11:22 am

Technical analysis for FTSE 100 for 13th February 2025

Britain’s economy expanded unexpectedly at the end of last year, official figures show, despite Rachel Reeves’s £40bn Budget tax raid.

The UK’s gross domestic product (GDP) rose by 0.1pc in the three months to December, according to the Office for National Statistics.

The figure was better than analysts’ projections for a 0.1pc contraction and leaves Britain officially out of recession, defined as two consecutive three-month periods of declining GDP.

On the news we have seen the futures price drop down to test the 8805 daily pivot level and the bulls will be keen to defend this. Focus remains on inflation and interest rates, however with the price of oil continuing to drop that will feed into lowering inflation, giving more scope to cut the interest rate again in a few months time.