The UK100 monthly chart is trading in its bullish channel between its upper blue and red bands. The index is near 7,779, close to its all-time high (ATH) of 7,903.40 (green horizontal line).
In the last two months, the bands narrowed, suggesting that volatility may expand. Its RSI, which dipped bearish, is back above 50 (green rectangle)-the bullish side of the oscillator. The longer it maintains this area, the greater the likelihood that the ATH will be challenged and overcome.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.