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Bear steepening extensions

BONDS
  • Selling across Govies going through, with the bear steepening bias intact. Bund, BTP, GILT, OAT are all down circa 35 ticks in the session, albeit off the lows
  • German 5/30s made an attempt at the December peak 63.303 (printed 63.275 high)
  • Gilt sees some dip buying, after falling after BoE Bailey's comment on Rates.

Quick MNI tech:

  • Bund support is right here at 176.53 76.4% retracement of the Nov 11 - Dec 11 rally
  • Gilt support is further out, at 133.63 Low Dec 4
  • BTP support comes at 151.28/17 Low Jan 6 / Low Dec 23
  • EURGBP support is at 0.8932 Low Dec 31 and the bear trigger

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