(U3) Bearish Despite Yesterday’s Bounce

• RES 4: 96.19 High Jun 29
• RES 3: 96.00 Round number resistance
• RES 2: 95.48 High Jul 3
• RES 1: 94.53 20-day EMA
• PRICE: 93.96 @ Close Jul 12
• SUP 1: 92.82/09 Low Jul 12 / Low Jul 7 and the bear trigger
• SUP 2: 92.00 Round number support
• SUP 3: 91.80 1.382 proj of the Jun 1 - 20 - 23 price swing (cont)
• SUP 4: 91.36 1.50 proj of the Jun 1 - 20 - 23 price swing (cont)

The Gilt futures trend needle continues to point south and yesterday’s gains are considered corrective. The recent break of key support at 93.88, the Jun 20 low, confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. This signals scope for a move to 91.80 next, a Fibonacci projection. Initial firm resistance is 94.53, the 20-day EMA. A clear break of this level would ease bearish pressure.