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UK enters recession | GDP falls | 7610 7654 resistance | 7547 7500 support

#1 · 15th February 2024, 10:05 am

Technical analysis for FTSE 100 for 15th February 2024

The bulls are fighting back after the S&P500 tested the start of February level again at the 4950 area, and have managed to get it back above 5000. Across the board it looks like we will see an initial rise towards the first resistance levels and then a dip and rise later. UK GDP data has also just been released which shows that the UK was in recession at the end of 2023, as GDP has declined as well. Traders will therefore be thinking that the BoE rate cuts will come sooner. But with stubborn inflation still persisting ahead of the election in November, probably not!

For the FTSE100 that initial resistance is at the 7609 level where we have R1 and the key fib, and I would not be surprised to see the bears have a go around here (7620 is still daily resistance too) and then a drop down to the 7550 level for a test of the pivot.