Earlier this month, the FTSE 100 was on its way to the August 2018 high of 7793 but President Trump announcing fresh tariffs sent the FTSE 100, and other global stock market indices lower.
Since that initial drop in the index, it has stabilized just above the June low of 7078, and not even the latest and negative quarterly GDP figures have managed to send the FTSE 100 lower. The market reaction to the UK GDP report is not surprising given that most FTSE 100 firms derive their profits from outside of the UK.
Going forward, the technical outlook suggests that the FTSE 100 might be able to recuperate some of its losses. The price is indeed above the June low which shifts the risk/reward ratio in the favor of the bullish traders. And the RSI 14 on the daily chart is also moving up from oversold levels.