The FTSE 100 is trading at around 7505. With the pound surging higher and potential hawkish remarks from Governor Bailey, it may place some pressure on the index.

From a technical aspect, the FTSE 100 is trading at around 7505. We can see that the index is in an ascending triangle, but at this moment in time, it is struggling to break and close above it. The resistance sits at 7525 and a break and close above this level may see the FTSE continue higher towards around 7580-7600. However, with the pound surging higher and the potential hawkish remarks from Governor Bailey who is due to speak at 09:45 GMT today, the index may struggle to edge higher. Therefore, support sits at 7464 and then at 7426. A break below 7464 could see a further decline towards 7300-7330. Looking at the indicators, MACD is still positive but its volume is lowering and RSI is starting to falter as it reads 54.