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GILT SUMMARY

Gilts Hit Turbulence On BoE Announcement

(U0) Yet to Top Friday High

BUND TECHS
  • RES 4: 179.56 High Mar 6 (cont)
  • RES 3: 179.22 1.000 proj of Jun 5 - Jun 29 rally from Jul 2 low
  • RES 2: 178.23 0.764 proj of Jun 5 - Jun 29 rally from Jul 2 low
  • RES 1: 178.00 / 01 Round number resistance / High Jul 31
  • PRICE: 177.30 @ 03:30 BST Aug 11
  • SUP 1: 176.83 Jul 29 low
  • SUP 2: 175.95 Low Jul 24 and key near-term support
  • SUP 3: 175.77/54 Low Jul 20 / Low Jul 9
  • SUP 4: 175.04 Low Jul 2

Bund futures came under further pressure at the open before rebounding moderately throughout European hours. Friday's highs at 177.67 are yet to give way, which remain the first target for bulls. A close above here opens first key resistance at the 178.00/01 levels, marking psychological handle resistance and the Jul 31 high. For now, directional parameters are intact, with markets needing to close above 178.00/01 to re-accelerate any rally. The ultimate target holds at 179.56, Mar 6 high. Support is at 176.83.

MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com