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Futures Look Through Last Week’s High, Short-Term Technicals Still Bearish

GILTS

The rally in gilt futures allows the contract to look through last week’s high, before pulling back to trade +60 or so, just below 94.80.

  • A sustained break above session highs (94.97) & 95.00 would allow bulls to focus on key short-term resistance at 95.79, the Sep 1 high. Clearance of this level would reinstate a bullish theme.
  • Until then, the short-term technical outlook remains bearish, despite the latest recovery. A move lower earlier last week resulted in a break of support at 94.14, the Aug 29 low. The breach undermines the recent bullish theme and highlights potential for a deeper retracement with next key support at 93.12, a Fibonacci retracement.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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