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Price Signal Summary - Rally In Gilts Exposes Key Resistance

OUTLOOK
  • In the FI space, a bull cycle in Bund futures remains in play and the contract is trading higher today. Today’s gains have resulted in a print above 133.21, the Jun 14 high and bull trigger. A clear break of this hurdle would confirm a resumption of the uptrend and open 133.42, a Fibonacci projection. For bears, a reversal would refocus attention on key support at 130.23, the Jul 3 low. First support is 131.83, the 50-day EMA.
  • Gilt futures have rallied today as the contract starts the week on a bullish note. This marks an extension of Friday’s strong bounce and opens 98.93, the Jul 18 high, and 99.23, the Jun 21 high. Clearance of both levels would confirm a resumption of the bull cycle that started May 29. This would open 99.62, a Fibonacci projection. For bears, a reversal and break of 97.46, the Jul 26 low, would instead reinstate a bearish threat.
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