(U3) Is Through Key Support

• RES 4: 96.19 High Jun 29
• RES 3: 95.55 High Jul 3
• RES 2: 95.02 20-day EMA
• RES 1: 93.88 Low Jun 20 and a key breakout level
• PRICE: 92.73 @ Close Jul 7
• SUP 1: 92.09 Low Jul 7
• 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)

Gilt futures remain soft and last week’s break lower reinforces bearish conditions. The contract has cleared key support at 93.88, the Jun 20 low, to confirm a resumption of the downtrend and maintain the bearish price sequence of lower lows and lower highs. This signals scope for a move to 91.80 next, a Fibonacci projection. On the upside, initial firm resistance is seen at 93.88. A break of this level is required to ease bearish pressure.