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(H2) Fresh Trend Lows

GILT TECHS
  • RES 4: 124.17 Low Nov 24
  • RES 3: 124.05 50-day EMA
  • RES 2: 123.71 High Jan 24 and a key near-term resistance
  • RES 1: 122.56/123.07 High Feb 2 / 20-day EMA
  • PRICE: 121.64 @ 12:59 Feb 3
  • SUP 1: 121.25 Intraday low
  • SUP 2: 121.12 Low Nov 8 2018 (cont)
  • SUP 3: 120.51 Low Oct 16, 2018 (cont)
  • SUP 4: 120.00 Psychological round number

Gilt futures traded sharply lower today following the BOE announcement. The break lower reinforces bearish conditions and maintains the bearish price sequence of lower lows and lower highs. Monday’s break of former support at 121.93, Jan 19 low confirmed a resumption of the downtrend. The focus is on a move to 121.12 next, the Nov 8, 2018 low on the continuation chart. Resistance is seen at 122.56, Feb 2 high.

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