FTSE 100 Technical Outlook: Range Holds Firm as BOE Meeting Approaches

[Ben Graham]

The FTSE 100 edged higher this morning ahead of the highly anticipated Bank of England (BoE) interest rate meeting.

Read More: Bank of England (BoE) Meeting Preview: Job Market Holds the Key as 25 bps Cut Looms

Markets are expecting a rate cut from the BoE today which could help propel the FTSE 100 to fresh all-time highs,

Looking at a sector breakdown for the FTSE and consumer non-cyclicals leads the way with gains of 0.23% with only consumer cyclicals, financials,and technology (marginal) in the green as well. All other sectors are in the red at the time of writing.

Source: LSEG

Looking at companies, BAE Systems and Hikma Pharmaceuticals are weighing on the index with losses of 4.1% and 7.1% respectively. This was however offset thanks to significant gains from the Intercontinental Hotel Group which is trading around 7.% higher on the day.

In other news, Halifax data was released this morning and showed UK house prices went up by 0.4% in July, the biggest monthly increase this year, helped by lower mortgage rates making homes more affordable.

Technical Analysis - FTSE 100

From a technical standpoint, the FTSE has been rangebound since July 23.

Having broken above crucial resistance at 9048 the index has held above this level with previous attempts to break lower met with significant buying pressure.

Such an example occurred on Friday last week and saw the index find support at the 200-day MA on the H2 chart.

Price is currently reston on the 100-day MA and attempts to push higher have thus far stalled.

Immediate resistance is at 9144 before the 9157 and 8183 handles come into focus.

Looking at the downside picture, support may be found at 9120 before 9082 and 9048 come into view.

FTSE 100 (UK100) H2 Chart, August 7, 2025

Source: TradingView (click to enlarge)

Follow Zain on Twitter/X for Additional Market News and Insights @zvawda

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2025 OANDA Business Information & Services Inc.