EM ASIA CREDIT: LG Electronics: Results in line
LGELEC (Baa2pos/BBBpos/BBB) "*LG ELECTRONICS 3Q SALES 21.87T WON" - BBG "*LG ELECTRONICS 3Q OPER PR...
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GBPUSD TECHS: Trading Below Resistance
- RES 4: 1.3789 High Jul 1 and key resistance
- RES 3: .3661/3726 High Sep 18 / 17
- RES 2: 1.3537 High Sep 23 1
- RES 1: 1.3481 50-day EMA
- PRICE: 1.3465 @ 06:17 BST Oct 1
- SUP 1: 1.3324 Low Sep 25 and the bear trigger
- SUP 2: 1.3282 Low Aug 6
- SUP 3: 1.3254 Low Aug 4
- SUP 4: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle
The bear cycle in GBPUSD that started Sep 17, remains in play and the latest bounce - for now - appears corrective. Recent weakness resulted in a break of a trendline drawn from the Aug 1 low. This undermines a recent bullish theme. Note too that 1.3333, the Sep 3 low and a key support, has been pierced, opening 1.3282 next, the Aug 6 low. Initial key resistance to watch is 1.3537, the Sep 23 high. A break of it would signal a reversal.
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 01-Oct | 0815 | ES | S&P Global Manufacturing PMI (f) |
| 01-Oct | 0830 | EU | ECB Elderson Keynote at ECB Climate Conference |
| 01-Oct | 0845 | IT | S&P Global Manufacturing PMI (f) |
| 01-Oct | 0850 | FR | S&P Global Manufacturing PMI (f) |
| 01-Oct | 0855 | DE | S&P Global Manufacturing PMI (f) |
| 01-Oct | 0855 | EU | ECB de Guindos Interview & Panel at Politico Summit |
| 01-Oct | 0900 | EU | S&P Global Manufacturing PMI (f) |
| 01-Oct | 1000 | EU | EZ HICP Flash |
| 02-Oct | 1000 | EU | EZ Unemployment |
| 02-Oct | 1800 | EU | ECB de Guindos Fireside Chat at ESADE Madrid |
BOBL TECHS: (Z5) Bearish Theme Intact
- RES 4: 118.170 Low Sep 10
- RES 3: 118.090 High Sep 17 and a key short-term resistance
- RES 2: 117.943 76.4% retracement of the Sep 8 - 25 bear leg
- RES 1: 117.890 High Sep 30
- PRICE: 117.770 @ 05:47 BST Oct 1
- SUP 1: 117.680/470 Low Sep 29 / 25
- SUP 2: 117.450 1.000 proj of the Sep 8 - 12 - 17 price swing
- SUP 3: 117.299 1.236 proj of the Sep 8 - 12 - 17 price swing
- SUP 4: 117.080 Low Sep 2 (cont.)
Bobl futures have recovered from their recent lows. The latest bounce appears corrective and the trend condition remains bearish. A price sequence of lower lows and lower highs remains intact and on the continuation chart, moving average studies are in a bear-mode position. Sights are on 117.450, a Fibonacci projection. On the upside, key short-term resistance is 118.090, the Sep 18 high. A move above this level would signal a potential reversal.
