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Bill Supply for W/C May 2, 2022 (2/2) - Recap


Bill Supply for W/C May 2, 2022 (1/2) - Recap


Bull Flag


Timeline of key events (Times BST)

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CABLE: While EUR and EU markets are expectedly quiet Friday due to May Day
holidays, GBP hedging is well above average for this time of day, with markets
slightly favouring downside protection as $1.2560 and $1.2355 put strikes see
decent interest.
- Shift to put bias today comes as GBP/USD failed to break above the 200-dma for
a second time Thursday, peaking at $1.2643, just shy of the 200-dma that crosses
at $1.2655 today.
- Tech analysis shows the bull trigger rests at the early April highs of $1.2648
and a break north here would open $1.2726, the Feb28 low.
- Volatility hedges are among the largest trades crossing this morning, with
sizeable $1.2355/1.2700 strangles and $1.2560 straddles two notable trades
crossing mid-morning.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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