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TECHS: Price Signal Summary

MARKET INSIGHT
  • In the FX space, Sterling is still volatile.
    • EURGBP has retraced sharply from Friday's high of 0.9230. Note the underlying technical conditions are unchanged and remain bullish. Key support to watch this week lies at 0.8983, Dec 4 low.
    • Cable is firmer today, having recovered off Friday's 1.3135 low. The bounce maintains the bullish trend structure that has dominated since late September. Risk remains for a retest and breach of 1.3539, Dec 4 high. 1.3135 has been defined as a key support.
    • The USD remains in a downtrend. EURUSD has defined an initial firm support at 1.2059, Dec 9 low. Attention is on 1.2184, 1.382 projection of the Nov 4 - 9 rally from the Nov 11 low.
  • EU FI bull rally extends remains in place.
    • Bund (H1) focus is on 178.89 next, 1.00 projection of the Nov 11 - 30 rally from the Dec 2 low.
    • Gilts (H1) are lower this morning but remain bullish following last week's strong impulsive rally. A resumption of gains would open 136.13, 1.50 projection of the Nov 11 - 30 rally from the Dec 2 low. Support is seen at 135.01 Low Dec 10 and gap high on the daily chart.
    • Treasuries (H1) maintain a firmer tone, sights are set on key resistance and the bull trigger at 138-08, Nov 20 / 30 high.
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