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CROSS ASSET

Equities spill over into Bond and FX

UK

TD recommend to receive GBP OIS 2y1y

Bearish Focus

JGB TECHS
  • RES 3: 153.06 - High Mar 31 and key resistance
  • RES 2: 152.55 - High Aug 5
  • RES 1: 152.51 - 200-dma
  • PRICE: 151.88 @ 17:44 BST, Aug 21
  • SUP 1: 151.60/57 - Low Aug 14 / Low Jul 2 and key support
  • SUP 2: 151.26 - Jun 8 low
  • SUP 3: 150.61 - Low Mar 19 and key support

JGBs remain above recent lows of 151.60, Aug 14 low. The outlook remains bearish following the move lower between Aug 5 and Aug 14. A break below 151.60, the bear trigger, would signal scope for a stronger round of weakness and expose 151.57, Jul 2 low and 151.18, the Jun 8 low. On the upside, gains above the 200-dma is needed to open the 153.00 handle and levels not seen since March.