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A 96 ticks opening gap

GILTS
  • As expected a much lower open for Gilt following the UK CPI beat, opened at 103.82, and was sold down to 103.65, but finding some bids.
  • This is another decent downside opening gap of 96 ticks (104.78 down to 103.82).
  • Resistance moves down to 104.40, followed the gap.
  • Support comes at 103.26 50.0% retracement of the entire rally from Feb 28.
  • The Pound is underpinned, and next immediate resistance in Cable is at 1.2285 High Mar 20.

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