EURGBP TECHS: Bear Cycle Still In Play

• RES 4: 0.8628 1.500 proj of the Mar 3 - 11 - 28 price swing      
• RES 3: 0.8604 1.382 proj of the Mar 3 - 11 - 28 price swing  
• RES 2: 0.8593 High Aug 14 ‘24
• RES 1: 0.8580 High Apr 7
• PRICE: 0.8571 @ 16:49 BST Apr 7 
• SUP 1: 0.8432/0.8380 Low Apr 4 / 20-day EMA 
• SUP 2: 0.8316 Low Mar 28 and a key near-term support
• SUP 3: 0.8299 Low Mar 5   
• SUP 4: 0.8251 Low Mar 4

EURGBP maintains a bullish tone. The latest rally has resulted in a break of key resistance at 0.8474, the Jan 20 high. Clearance of this hurdle highlights an important technical breach and strengthens a bullish condition. Sights are 0.8593 next, the Aug 14 ‘24 high. On the downside, firm support lies at 0.8380, the 20-day EMA. The contract is overbought, a pullback would allow this condition to unwind.      

• RES 4: 0.8628 1.500 proj of the Mar 3 - 11 - 28 price swing      
• RES 3: 0.8604 1.382 proj of the Mar 3 - 11 - 28 price swing  
• RES 2: 0.8593 High Aug 14 ‘24
• RES 1: 0.8580 High Apr 7
• PRICE: 0.8571 @ 16:49 BST Apr 7 
• SUP 1: 0.8432/0.8380 Low Apr 4 / 20-day EMA 
• SUP 2: 0.8316 Low Mar 28 and a key near-term support
• SUP 3: 0.8299 Low Mar 5   
• SUP 4: 0.8251 Low Mar 4

EURGBP maintains a bullish tone. The latest rally has resulted in a break of key resistance at 0.8474, the Jan 20 high. Clearance of this hurdle highlights an important technical breach and strengthens a bullish condition. Sights are 0.8593 next, the Aug 14 ‘24 high. On the downside, firm support lies at 0.8380, the 20-day EMA. The contract is overbought, a pullback would allow this condition to unwind.  

For non-German contracts, structural positioning remains flat/short:

• OAT: OAT remains in short structural positioning, having entered that territory after being "flat" for most of February. Last week's trade was indicative of long setting.  
• GILT: Gilt structural positioning remains flat, where it has been the last 7 months, but is now as close to "short" as it's been since early January. Last week some some shorts set.  
• BTP: BTP has now been flat since late January, though has ticked a little bit closer to "long" territory in the last week or so following some long-setting.