The FTSE 100 has one of the best European performance since the summer of 2012. The index has gained more than 15% in six months. The UK economy has benefited from the effect of "Olympics" and especially the labor market. In contrast, financial investors have no reason to celebrate the latest news considered very unsatisfactory with a perspective of a third recession in four years. Similarly, the UK has lost its triple-A from the rating agency Moody's, a first since 1978.

Gross Domestic Product (GDP)of UK declined by 0.3% over the October-December period according to preliminary estimates released by the Office for National Statistics (ONS). In addition, brokers were also surprised by an unexpected decline in retail sales in January.

At the same time, the rating agency Moody's has lowered from "Aaa" to "Aa1" with "stable" perspective, the credit rating of the United Kingdom. This reduction is particularly punishing the weakness of growth prospects in the UK in the medium term which also sees a continuous increase in its deficit despite significant structural changes made. The revival of the British economy seems longer than expected and investors will now have to be patient before seeing the situation to improve.

Graphically, the trend remains bullish in weekly data above 6000 points, threshold coinciding with the 20-week moving average. However, the situation seems locked in the short term and we decided to take a short position under the important technical resistance of the 6350/6400 points. A further consolidation is expected to target 6000 points. A breakout of the 6400 points would invalidate our scenario. We can take a short position with the future FTSE 100 Full0313 (ZXXXX) on the futures market.