OIL: G7 Aims to Target Russian Oil Buyers

• RES 4: 0.8769 High Jul 28 and the bull trigger   
• RES 3: 0.8744 High Aug 7 
• RES 2: 0.8703 61.8% retracement of the Jul 28 - Aug 14 bear leg   
• RES 1: 0.8685 Intraday high  
• PRICE: 0.8683 @ 08:36 BST Sep 2
• SUP 1: 0.8597 Low Aug 14 and the bear trigger 
• SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg

EURGBP is trading higher today. This has resulted in a breach of resistance at 0.8674, the Aug 25 and 29 high. The break signals a stronger reversal and suggests scope for climb towards 0.8744, the Aug 7 high. Key resistance and the bull trigger is at 0.8769, the Jul 28 high. Key support to watch lies at  support at 0.8597, the Aug 14 low. Clearance of this level would instead confirm a resumption of the recent bearish threat.

• Guidance: 4.50% Mar-35 Gilt +8.25/+8.75bps
• Size: GBP Benchmark
• Maturity: 22 October 2035
• Expected Settlement:  3 September 2025 (T+1)
• Coupon: 4.750% SA, ACT/ACT, long 1st to 22 April 2026
• Benchmark:  4.50% Mar-35 Gilt (ISIN: GB00BT7J0027)
• ISIN: GB00BTXS1K06
• Bookrunners: HSBC / J.P. Morgan (DM/B&D) / Lloyds / Morgan Stanley / NatWest / UBS

Details per market source

EUREX ROLL PACE: Volumes are starting to pick up now, especially in Bobl.

• Buxl: 30%.
• Bund: 23%.
• Bobl: 32%.
• Schatz: 27%.
• BTP: 15% (below pace).
• BTS: 21%.
• OAT: 26%.