Sterling fell to a one-week low on Friday after the Bank of England lowered its 2017 growth outlook to 1.90% for the United Kingdom. That development led to a rally in shares of multinational corporations that book most of their profits and sales abroad. Meanwhile, AstraZeneca PLC gained the most since April of 2014 after reporting positive results from its late-stage study of cancer treatment Imfinzi.
Shares of Royal Dutch Shell also contributed to the FTSE 100’s advance, surging on the back of strength in crude oil prices as the likelihood of an oil output cut extension from OPEC later in the month rises. With the index breaking out above the strong resistance around 7370, 7500 looks like the next immediate resistance level on the upside. FTSE 100 futures were last seen above the key psychological level of 7400.