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(Z1) Sharp Sell-Off

GILT TECHS
  • RES 4: 128.77 High Sep 3
  • RES 3: 128.42 High Sep 7
  • RES 2: 128.18 High Sep 10, 14 and key near-term resistance
  • RES 1: 127.69 High Sep 21
  • PRICE: 126.97 @ 12:42 BST Sep 22
  • SUP 1: 126.83 2.00 proj of the Aug 20 - 26 - 31 price swing
  • SUP 2: 126.70 Low Jun 3 and a key support
  • SUP 3: 126.57 2.236 proj of the Aug 20 - 26 - 31 price swing
  • SUP 4: 126.41 2.382 proj of the Aug 20 - 26 - 31 price swing

Gilt futures are down sharply following the BOE announcement as the contract pulls away from recent highs. A bearish theme remains intact - price sequence of lower lows and lower highs highlights the current trend condition - and the focus is on 126.83 next, a Fibonacci projection ahead of 126.70, Jun 3 low (cont) and a key support Key near-term resistance is at 128.18, Sep 10 and 14 high. Initial firm resistance is at 127.69, Sep 21 high.

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