By Samir Al Khoury,

The British FTSE 100 index continues its upward trend for the fourth day in a row, recording 8,116 points today, a new record high. It is currently trading near the 8,100-point level, and it appears that the positive momentum will continue in the next stage, as this index has risen by about 5% since the beginning of the year until today.

The recent surge in British stocks is driven by a confluence of factors:

• The weakness of the pound sterling, as the pound declined against the dollar by about 5% since the peak of March 8, 2024, where it recorded 1.2893, to the bottom recorded two days ago, which reached 1.2299. It is currently trading near 1.24 levels.

• The headline consumer price index slowed on an annual basis in Britain, recording 3.2% in March, which is a lower percentage than the previous reading (3.4%), which encourages the Bank of England to start reducing interest rates this year.

• Some British stocks from various sectors outperformed the FTSE 100 index, such as AstraZeneca, Rolls-Royce, HSBC, BP, and Shell.

Several technical indicators suggest that the FTSE 100 index may continue its upward trajectory:

Moving Averages: The 20, 50, and 200-day moving averages are aligned in an upward trend, reinforcing a bullish outlook.

Relative Strength Index (RSI): The RSI is at 69, approaching the overbought zone, indicating strong upward momentum.

MACD Indicator: The Moving Average Convergence Divergence (MACD) indicator shows the blue line exceeding the orange signal line, a positive signal for continued upward movement.

Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.

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