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(H2) Corrective Cycle


BLOCKs, March 10Y Put Spds


Post-LIBOR Settle Update, 3M Highest Since August 2020

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Back to neutral: *RES 4:........>

EURO-STERLING TECHS: Back to neutral:
*RES 4: 0.9015 High Sep 9
*RES 3: 0.8975 High Sep 13
*RES 2: 0.8970 100-dma
*RES 1: 0.8937 Intraday High
*PRICE: 0.8930 @ 16:02 GMT Oct 1
*SUP 1: 0.8832 Low Sep 30
*SUP 2: 0.8803 Low Sep 25
*SUP 3: 0.8787 Low Sep 19 and bear trigger
*SUP 4: 0.8772 Low May 22
The cross finally broke above bear channel resistance at 0.8929 Tuesday and a
close above would raise the risk of a bullish breakout. Fears of a bullish
breakout, however, were quelled as Brexit headlines pressured the cross back to
unchagned. Near-term, the pair needs to hold above 0.8929 to build a base and
mount any test on the 0.8970 100-dma. To the downside, a resumption of the
underlying bearish trend could follow a return to the recent low at 0.8787.
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