(U3) Corrective Bounce

• RES 4: 96.19 High Jul 31
• RES 3: 95.82 High Aug 10 and key short-term resistance
• RES 2: 94.89 50-day EMA
• RES 1: 94.00 Round number resistance
• PRICE: 93.67 @ 10:16 BST Aug 23
• SUP 1: 92.38/91.19 Intraday low / Low Aug 17 and the bear trigger
• SUP 2: 90.70 1.236 proj of the Jul 19 - Aug 4 - Aug 10 price swing
• SUP 3: 90.38 Low Oct 12 2022 (cont) and a major support
• SUP 4: 90.10 1.382 proj of the Jul 19 - Aug 4 - Aug 10 price swing

A bearish theme in Gilt futures remains intact, however, a strong rally today suggests the contract remains in a short-term corrective cycle. Price has traded through the 20-day EMA. A continuation higher would signal scope for a stronger recovery and open 94.89, the 50-day EMA. Moving average studies continue to highlight a downtrend, the bear trigger has been defined at 91.19, the Aug 17 low.