OPTIONS: Light German Bond Buying To Close Out The Week

• RES 4: 1.3509 High May 25     
• RES 3: 1.3404 50-day EMA
• RES 2: 1.3348 20-day EMA
• RES 1: 1.3273 High Jun 22 
• PRICE: 1.3148 @ 17:01 BST Jun 24
• SUP 1: 1.3125 Low Nov 26 ‘25
• SUP 2: 1.3055 2.0% 10-dma envelope
• SUP 3: 1.3038 Low Nov 20 ‘25
• SUP 4: 1.3010 Low Nov 5 ’25 and a key support

A bear trend in GBPUSD remains intact and today’s extension reinforces current conditions. A key support at 1.3159, the Mar 31 low, has been pierced, a clear break of it would strengthen a medium-term bearish condition and open 1.3038, the Nov 20 ‘25 low. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to watch is around the 50-day EMA, at 1.3404. 

-9,600 FFX6 96.09, post time bid at 1317:44ET

A new survey from YouGov has found that Americans are "mixed" on who they believe won the Iran war: “25% say the U.S. did, 22% say Iran did, and 41% think neither side was the winner. The majority (54%) of Republicans believe the U.S. won, while 5% say Iran did and 31% say neither side did. Among Democrats, only 7% think the U.S. won, while 36% say Iran did and 45% think neither side did.”

• Notably, 70% of respondents who identified as "MAGA Republicans" supported President Donald Trump's assessment that the US won the war.
• YouGov notes, “As for expectations for the future, two-thirds (67%) of Americans think Iran will attempt to develop nuclear weapons; only 7% don't think it will. Few (16%) expect that the Strait of Hormuz will remain open permanently. A large majority (81%) — including 87% of Democrats and 75% of Republicans — think it is very or somewhat likely that negotiations with Iran will fail and the war will restart.”
• Silver Bulletin's tracker gauging support for the Iran war has been largely unchanged since mid-May, with around 35% of Americans supporting the war and 55% of Americans opposing the war. 

Figure 1: “Who would you say won the war in Iran? (%)”

Source: YouGov