PIPELINE: Late Corporate Bond Roundup

RRP usage retreats to $84.356B (lowest levels since April 25) this afternoon from $125.730B yesterday, total number of counterparties at 23. Lowest usage of the year at $54.772B on Wednesday, April 16 -- in turn the lowest level since April 2021 - compares to July 1: $460.731B highest usage since December 31.

• Date $MM Issuer (Priced *, Launch #)
• 08/05 $1.9B #Daimler Truck $550M 2Y +60, $750M +5Y +92, $600M +7Y +105
• 08/05 $1.25B #Tennessee Valley Authority 5Y +20
• 08/05 $1B #Macquarie Bank 11NC10 +145
• 08/05 $500M #Essential Utilities 10Y +107
• 08/05 $500M #Healthpeak LLC +7Y +92
• 08/05 $500M #CNA Financial WNG 10Y +103
• 08/05 $500M Freedom Mortgage 7.75NC3
• 08/06 $500M Travel + Leisure 8NC3
• 08/05 $Benchmark MSCI 10Y +112.5
• 08/05 $Benchmark Standard Chartered 11NC10 +145a

• RES 4: 1.3681 High Jul 4
• RES 3: 1.3620 High Jul 10 
• RES 2: 1.3448/1.3589 50-day EMA / High Jul 24 
• RES 1: 1.3365 Low Jul 16
• PRICE: 1.3304 @ 16:47 BST Aug 5
• SUP 1: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle
• SUP 2: 1.3041 Low Apr 14
• SUP 3: 1.3000 Round number support 
• SUP 4: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull cycle   

A bearish theme in GBPUSD remains intact for now - despite Friday’s rally. Last week’s sell-off resulted in a breach of the bear trigger at 1.3365, the Jul 16 low. The break confirms a resumption of the downleg that started Jul 1 and highlights a clear breach of the trendline drawn from the Jan 13 low. Sights are on 1.3144, a Fibonacci retracement, and 1.3041, the Apr 14 low. Firm resistance is 1.3448, the 50-day EMA. A break of this average is required to signal a reversal.