FTSE 100 maintains gains; further rallies likely
The index could see more positive movement this week, according to IG senior market analyst Joshua Mahony.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/news-article-image-folder/BG_ftse_100_ukx_indices_098098.jpg/jcr:content/renditions/original-size.webp)
The FTSE 100 continues to climb in the wake of the UK General Election.
The index’s bullish nature carried across to Monday’s market, trading as high as 7549.9 at 12PM.
This is its highest price level since August this year, based on IG data.
IG Senior Market Analyst Joshua Mahony says that the FTSE 100 has been performing well thanks to ‘the glow of the (UK) election and trade war double whammy’.
On Thursday, 12 December, the pro-Brexit Conservative Party won a majority of votes to become the newest government. The following day, the FTSE 100 rallied nearly one percent past the 7400 level.
Learn how to trade indices like the FTSE 100 with an IG demo account
Further upside likely
Mahony also noted that ‘further upside’ for the index during the rest of this week is ‘likely’, with ‘domestically focused banks and housebuilders gaining ground’.
The question now, he adds, is whether the UK pound will experience another strong surge, as this ‘could derail the more international elements’ of the FTSE 100.
A Fibonacci resistance around 7557 could also cause price movement to reverse, Mahoney warns. Barring that, all eyes are now on levels reaching the July 2019 peak of 7730 over the coming weeks.
The FTSE 100 closed at 7546.9 on Monday night on the IG platform.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/Rebrand/Article_banners/Indices_global_component_banner.jpg/jcr:content/renditions/original-size.webp)
Take a position on indices
Deal on the world’s major stock indices today.
- Trade the lowest Wall Street spreads on the market
- 1-point spread on the FTSE 100 and Germany 40
- The only provider to offer 24-hour pricing
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only