EURGBP TECHS: Bear Threat

• RES 4: 0.8797 High Dec 17
• RES 3: 0.8789 High Feb 27 and key resistance
• RES 2: 0.8747 76.4% retracement of the Feb 27 - Mar 16 bear leg
• RES 1: 0.8742 High Mar 31 and Apr 1 and the bull trigger
• PRICE: 0.8681 @ 15:26 BST Apr 22
• SUP 1: 0.8695/85 50-day EMA (pierced) / Low Apr 14  
• SUP 2: 0.8637/10 Low Mar 26 / 16 and the bear trigger
• SUP 3: 0.8597 Low Aug 14
• SUP 4: 0.8578 Low Jul 2 ‘25 

EURGBP extended the week’s pullback into the Wednesday close, extending the break below the 50-day EMA support. This cancels the previously bullish outlook and opens scope for a deeper retracement toward 0.8637 and, more consequentially, 0.8610 the Mar 16 low and bear trigger. Any recovery here eyes 0.8747, the 76.4% retracement of the Feb - Mar bear leg. 

• Bbg headlines quoting Pezeshkian comments on X, Tsys pare losses (TYM6 -.5 at 111-09), crude paring gains (WTI $92.63/bbl)
  • "IRAN PRESIDENT SAYS CONTINUES TO WELCOME DIALOGUE"
  • "IRAN PRESIDENT SAYS BLOCKADE, THREATS ARE MAIN OBSTACLES"

• Date $MM Issuer (Priced *, Launch #)
• 04/22 $3.3B Core Scientific Finance 5NC2 7.75%a
• 04/22 $1.5B *BNG Bank 5Y SOFR+37
• 04/22 $1B *IFFIM (International Finance Facility for Immunisation) 5Y +44
• 04/22 $1B *Kazakhstan Temir Zholy $500M each: 5Y 5%, 10Y 5.375%
• 04/22 $850M #Blackstone Private Credit 5Y +230
• 04/22 $500M *L-Bank 4Y SOFR+33 (included GBP and C$ legs)