GBPUSD TECHS: Bearish Price Sequence Extends
Sep-23 08:53
- RES 4: 1.1901 High Aug 26
- RES 3: 1.1768 50-day EMA
- RES 2: 1.1529/1738 20-day EMA / High Sep 13 and key resistance
- RES 1: 1.1274/1385 Intraday high / High Sep 21
- PRICE: 1.1159 @ 09:52 BST Sep 23
- SUP 1: 1.1137 Bear channel base drawn from the Aug 10 high
- SUP 2: 1.1100 Round number support
- SUP 3: 1.1073 0.764 proj of the SAug 10 - Sep 7 - 13 price swing
- SUP 4: 1.1001 2.00 proj of the Jun 16 - Jul 14 - Aug 1 price swing
Bearish trend conditions in GBPUSD remain intact and the pair continues to weaken. The move lower maintains the bearish price sequence of lower lows and lower highs, signalling scope for a continuation. Note that moving average studies are in a bear mode set-up too. The focus is on the 1.1100 handle next. Firm resistance is at 1.1529, the 20-day EMA. Short-term gains would be considered corrective.
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CROSS ASSET: Govies and Rates recover from the lows
Aug-24 08:33
- Not seen a clear trigger or obvious driver for the bounce in Govies, Bund Treasuries, Gilt, BTP, OAT are all gaining.
- Similar bounce is Rates, with Euribor and Eurodollar strip reversing losses, SONIA strip lags though.
- A little perplexed, with little action in Equities, while WTI spikes towards $95.
- Resistance in Bund moves down to 151.03 initially.
SONIA: SONIA downside option
Aug-24 08:21
SFIH3 95/94.5/94.00 p fly, bought for 4 in 5k
BONDS: Continued widening in the BTP/Bund spread
Aug-24 08:15
- BTP/Bund spread sits wider in early trade, and widest since the 27th July.
- Resistance are at the July high 236.14, and the June high at 240.47bps.
- The June high was also the widest print since 07/05/20.
- BTP/Bund is now at 232.2bps.
Chart source: MNI/Bloomberg
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