(U0) Powell Cements Lower Outloo

• RES 4: 140-13 Aug 4 / 5 / 6 high and major resistance
• RES 3: 140-01+ 76.4% of the Aug 4 - 13 downleg / 30 High Aug 11
• RES 2: 139-26+ 61.8% of the Aug 4 - 13 downleg / 30 High Aug 11
• RES 1: 139-23+ High Aug 21 and key resistance
• PRICE: 139-02+ @ 16:48 BST Aug 27
• SUP 1: 139-00+ Low Aug 25 and 26
• SUP 2: 138-28+ Low Aug 13 and the key support
• SUP 3: 138-23+ Low Jul 2
• SUP 4: 138-07 Low Jun 16

A surprise update to the Fed's policy framework Thursday saw Treasuries come under pressure, cementing the fragile outlook seen since last week's sharp sell-off. The contract stalled last week at 139-23+, Aug 21 high. The subsequent move lower suggests the recovery and corrective bounce between Aug 13 - 21 is over. If correct, key support at 138-28, Aug 13 low is likely to be tested, where a break would open low 138-00 levels. Resistance is at 139-23+, Aug 21 high.