MACRO ANALYSIS: MNI US Macro Weekly: The Macro Winds Of War
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EURGBP TECHS: Volatile But Trend Theme Remains Bullish
- RES 4: 0.8840 High Nov 20 ‘25
- RES 3: 0.8818 High Nov 26 ‘25
- RES 2: 0.8806 76.4% retracement of the Nov 14 - Feb 4 bear leg
- RES 1: 0.8789 High Feb 27 and key short-term resistance
- PRICE: 0.8706 @ 16:15 GMT Mar 3
- SUP 1: 0.8700/8673 Intraday low / Low Feb 6
- SUP 2: 0.8613 Low Feb 04 and bear trigger
- SUP 3: 0.8597 Low Aug 14
- SUP 4: 0.8578 Low Jul 2 ‘25
Despite current volatile price action, a bullish theme in EURGBP remains intact - for now. However note that the cross has pierced a key support at 0.8712, the 50-day EMA. A clear break of this average would highlight a potential short-term bear reversal. This would open 0.8673 next, the Feb 6 low. Key short-term resistance has been defined at 0.8789, the Feb 27 high, where a break is required to confirm a resumption of the recent bull leg.
US TSY OPTIONS: Apr'26 10Y Call FLy
- 5,800 TYJ6 113/113.5/114 call flys, 1 net/wings over ref 113-02.5
US: FED Reverse Repo Operation
RRP usage inches up to $1.203B with 5 counterparties this afternoon vs. $0.627B Monday. Compares to last year's highest excess liquidity measure: $460.731B on June 30.
