The share is meeting an important level. We suggest caution because this point could stop the bullish trend.

From a fundamental viewpoint, firstly, we note the high valuation of the company. With a valuation ratio of 3.82x, the group appears overvalued compared to its business activity. Debts are estimated at GBp 12.1 billion for the current year. Finally, we constat that analysts have revised downward their earnings per share estimates for the coming years and that is an indicative criteria of a worsening business climate.

Graphically, the share is in a period of technical rebound that allowed it to reach the GBp 1223 short-term resistance. This area could trigger a sell signal for investors in case of profit-taking. Furthermore, the rallying of the GBp 1175 pivot point area will be considered for upcoming sessions.

Due to the technical configuration and a bad fundamental situation that does not justify the current valuation of the group, investors can open a short position close to the GBp 1223 resistance. The price target is set at GBp 1175 and a stop loss will be placed above the GBp 1240 mid-term resistance.