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Price Signal Summary - Gilts Approach Key Support

OUTLOOK
  • In the FI space, Bund futures traded lower yesterday and the contract remains soft. Price last week breached support at 129.72, the Aug 14 low and a key bear trigger. The break reinforced a bearish theme and confirmed a resumption of the primary downtrend. Moving average studies are in a bear mode position too. Sights are on 127.50 next,1.50 projection of the Jul 19 - Aug 4 - Aug 8 price swing. Key short-term resistance is at 130.19, the Sep 22 high.
  • Gilt futures have traded lower this week and the contract has breached 96.49, the Sep 18 low. The clear break of this level strengthens a bearish threat and signals scope for a move towards 93.36, the Sep 6 low and a key support. On the upside, key short-term resistance has been defined at 96.71, the Sep 20 high, where a break would confirm a resumption of the uptrend that started on Aug 17. Initial resistance is at 95.12, the 20-day EMA.
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