UK100 hourly chart shows bullishness as Liz Truss confirmed as UK PM
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Lizz Truss is the 56th British prime minister. She beat rival Rishi Sunak, the former chancellor, pledging to tackle the UK's energy crisis. A £100 billion package is being considered to freeze rising energy bills. She has also pledged to cut taxes.
In response, the UK100 shows bullishness on its hourly chart. Moreover, its trend following EMAs and stochastic have crossed positively. If the stochastic trades above 80 and holds (blue arrow), an underlying bullish momentum will be present on the H1 chart.
However, the longer-term trend is down. As such, the R1 pivot, which overlaps price resistance (red-shaded horizontal), may prove to be an area target by shorts.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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