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Price Signal Summary - Bear Cycle In Gilts Remains In Play

OUTLOOK
  • In the FI space, Bund futures remain vulnerable and yesterday’s move lower reinforces this condition. Price has recently breached 132.23, 61.8% of the Jul 10 - 19 rally. This undermines the recent bullish theme and signals scope for an extension lower. The focus is on 131.61, the 76.4% retracement. Further out, key support is at 130.60, the Jul 10 low. Initial firm resistance is at 134.01, the Jul 24 high. A break of this level would be a bullish development.
  • Gilt futures traded lower last week and in the process breached support at 96.11, the Jul 21 low. This highlights a bearish threat and yesterday’s move lower reinforces this condition. Note that the 20-day EMA has also been breached - a bearish development. This opens 94.58, the Jul 17 low. Key short-term resistance is unchanged at 97.84, the Jul 19 high. A break would resume the uptrend. Initial firm resistance is at 96.19, the Jul 31 high.
Fixed Income Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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