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GBPUSD TECHS

Remains Under Pressure

EURUSD TECHS

Bear Cycle Extension

US TSY OPTIONS

30Y Put

COMMODITIES

Oil Bounces, Eyes Iran Poll and Gulf Weather

US EURODLR FUTURES

Large Red Sep'22 Sale

EQUITIES

Equities Sag as Rate Rise Fears Prompt Jitters

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  • RES 4: 130.38 High Feb 17 / 18
  • RES 3: 129.75 High Feb 19
  • RES 2: 129.09/27 High Apr 23 and the reversal trigger / High Mar 2
  • RES 1: 128.80 High May 7
  • PRICE: 127.08 @ Close May 13
  • SUP 1: 126.86 Low May 13
  • SUP 2: 126.79 Low Mar 18 and the bear trigger
  • SUP 3: 126.64 1.0% 10-dma Envelope
  • SUP 4: 126.55 Low Apr 17, 2019 (cont)

The Gilt futures outlook remains bearish. The pullback from 128.80, last week's high on May 7, has extended, with markets taking out a firm area of support between 127.40 and 127.32, the Apr 29 and Apr 1 lows respectively. This strengthens the bearish case and exposes the major support at 126.79, Mar 18 low and the bear trigger. A break of 126.79 would confirm a resumption of the broader downtrend. Initial firm resistance is 128.80.