STIR FUTURES: BLOCK: Green Jun'27 Sale

• RES 4: 0.8768 High Nov 20 ‘23    
• RES 3: 0.8624/0.8738 High Apr 21/ High Apr 11 and the bull trigger
• RES 2: 0.8541/8557 High May 2 / High Apr 28
• RES 1: 0.8465 50-day EMA
• PRICE: 0.8434 @ 15:52 BST May 14
• SUP 1: 0.8403 Low May 12   
• SUP 2: 0.8400 Round number support
• SUP 3: 0.8359 1.236 proj of the Apr 11 - 16 - 21 price swing 
• SUP 4: 0.8316 Low Mar 28 and a key support  

EURGBP is trading just above recent lows. The cross traded to a fresh, short-term cycle low Monday, strengthening a bearish theme. It has also cleared support at 0.8465, the 50-day EMA, signalling scope for a continuation lower. Sights are on 0.8415 next, a Fibonacci retracement. This level has been pierced, a clear break of it would open 0.8400 and below. Key near-term resistance is 0.8541, the May 2 high. A break of it is required to signal a potential reversal.     

RRP usage climbs to $165.024B this afternoon from $144.214B yesterday, total number of counterparties at 36. Usage had fallen to $54.772B last Wednesday, April 16 -- lowest level since April 2021. Conversely, usage had surged to the highest level since December 31, 2024 on Monday, March 31: $399.167B.

Wednesday's Europe rates/bond options flow included:

• ERZ5 98.0625/97.9375/97.8125p fly, bought for 2 in 3k
• ERH6 98.0625/97.9375/97.8125p fly 1x2.5x1.5p fly, bought for flat in 4.8k
• SFIM5 95.90/95.85/95.80p ladder, bought for 1.5 in 3.88k
• SFIQ5 95.90/96.00/96.40/96.50c condor, bought for 6.5 in 5k
• SFIU5 96.20/96.35 call spread paper paid 3.5 on 12K