US TSY FUTURES: BLOCK: Dec'26 10Y Ultra Sale

• RES 4: 164.73 Top of a bull channel drawn from Feb 12 low
• RES 3: 163.99 High Jul 23
• RES 2: 162.77 50-day EMA
• RES 1: 161.56 50-day EMA
• PRICE: 158.84 @ 19:39 BST Jul 31
• SUP 1: 157.28 Low Jul 31
• SUP 2: 157.15 76.4% retracement of the May 6 - Jul 23 bull cycle
• SUP 3: 156.02 Low May 7
• SUP 4: 155.04 Low May 6 and a key support 

USDJPY traded sharply lower last week. The pair has breached the 20- and 50-day EMAs suggesting potential for a deeper retracement of the May 6 - Jul 23 bull cycle. The 61.8% retracement at 158.46, has been cleared and attention is on 158.04, the base of a bull channel drawn from the Feb 12 low. Price has traded through it strengthening a bear threat. A continuation lower would open 155.04, May 6 low. 161.48, the 50-day EMA is first resistance.

• RES 4: 0.8652 High Jun 26 
• RES 3: 0.8632 76.4% retracement of the Jun 22 - Jul 15 bear leg  
• RES 2: 0.8601 61.8% retracement of the Jun 22 - Jul 15 bear leg
• RES 1: 0.8588 High Jul 30
• PRICE: 0.8555 @ 19:38 BST Jul 31
• SUP 1: 0.8518/8455 Low Jul 22 / 15 and the bear trigger 
• SUP 2: 0.8443 2.236 projection of the May 18 - 25 - Jun 22 swing   
• SUP 3: 0.8400 Round number support
• SUP 4: 0.8374 76.4% retrace of the Dec 19 ‘24 - Nov 14 ‘25 bull leg  

EURGBP is trading closer to its recent highs. Short-term gains have allowed a recent oversold trend condition to unwind. The trend needle, however, continues to point south and the latest recovery is considered corrective. Key resistance and a pivot level to watch, is the 50-day EMA at 0.8583. It has been pierced, a clear break of it would signal scope for a stronger recovery near-term. Key support and the bear trigger lies at 0.8455, the Jul 15 low.

• RES 4: 1.3658 High May 1 and a key resistance   
• RES 3: 1.3590 61.8% retracement of the Jan 27 - Jun 24 bear cycle
• RES 2: 1.3558 High Jul 15 and a key S/T resistance 
• RES 1: 1.3495 High Jul 31  
• PRICE: 1.3477 @ 19:32 BST Jul 31
• SUP 1: 1.3376/3274 50-day EMA / Low Jul 28 
• SUP 2: 1.3239 76.4% retracement of the Jun 24 - Jul15 bull leg 
• SUP 3: 1.3191 Low Jun 29
• SUP 4: 1.3140 Low Jun 24 and a key support 

GBPUSD rallied sharply higher last week, undermining the recent bearish theme. Price is once again above the 20- and 50-day EMAs, and attention is on the key short-term resistance at 1.3558, the Jul 15 high. A break of this hurdle would strengthen a bullish theme. Key short-term support has been defined at 1.3274, the Jul 28 low. Clearance of this level is required to reinstate a bearish theme.