EM LATAM CREDIT: Braskem: Alagoas New Lawsuit - Negative

• -3,500 UXYU5 112-17, post time bid at 1331:49ET, DV01 $305,000.
• The contract trades 112-16 last (+14.5)

• RES 4: 1.3800 Round number resistance 
• RES 3: 1.3757 1.618 proj of the Feb 28 - Apr 3 - 7 price swing
• RES 2: 1.3681 1.500 proj of the Feb 28 - Apr 3 - 7 price swing
• RES 1: 1.3616 High Jun 5    
• PRICE: 1.3544 @ 16:29 BST Jun 11
• SUP 1: 1.3466 20-day EMA
• SUP 2: 1.3335/3306 Low May 20 / 50-day EMA
• SUP 3: 1.3140 Low May 12 and key support
• SUP 4: 1.3041 Low Apr 14

Trend signals in GBPUSD remain bullish and the latest pullback appears to be corrective. A fresh cycle high last week, confirmed a resumption of the uptrend and an extension of the price sequence of higher highs and higher lows. This opens 1.3681 next, a Fibonacci projection. Support at 1.3466, the 20-day EMA, has been pierced. A clear break of it would suggest potential for a deeper correction and expose the 50-day EMA, at 1.3306.    

RRP usage climbs to $204.625B this afternoon from $182.725B yesterday, total number of counterparties at 46. Usage had fallen to $54.772B on 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.