(U1) Key Resistance Remains Intact

• RES 4: 128.10 2.500 projection of the May 13 - 19 price swing
• RES 3: 127.89 2.236 proj of the May 13 - 19 price swing
• RES 2: 127.74/82 High May 7, 26 / High Apr 20 and a key resistance
• RES 1: 127.60 High Jun 8
• PRICE: 127.48 @ Close Jun 8
• SUP 1: 126.70 Low Jun 3
• SUP 2: 126.55 Low May 21
• SUP 3: 126.12 Low May 19
• SUP 4: 125.94 Low May 13 and key support

Gilt futures broader outlook remains bearish despite this week's climb. Recent gains stalled on May 27, resulting in a sharp pullback. This signals the end of the recent corrective recovery between May 13 - 26. If correct, it suggests scope for short-term weakness that would expose last month's low of 125.94 on May 13. Key short-term resistance is marked by the highs of late April and early May where a break is needed to alter the picture.