EURGBP TECHS: Monitoring Resistance
- RES 4: 0.8557 High Apr 28
- RES 3: 0.8541 High May 2
- RES 2: 0.8493 High May 9
- RES 1: 0.8441/59 50-day EMA and key resistance / High May 21
- PRICE: 0.8422 @ 16:43 BST Jun 5
- SUP 1: 0.8356 Low May 29
- SUP 2: 0.8327 1.382 proj of the Apr 11 - 16 - 21 price swing
- SUP 3: 0.8316 Low Mar 28 and a key support
- SUP 4: 0.8277 1.618 proj of the Apr 11 - 16 - 21 price swing
A bear cycle in EURGBP is still in play. A key short-term resistance to watch is 0.8441, the 50-day EMA. It has been pierced, however, a clear break of it is required to highlight a stronger reversal. This would expose 0.8541. On the downside, support to watch lies at 0.8356, the May 29 low. Clearance of this level would resume the downtrend and open 0.8316, the Mar 28 low and a key support.
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GBPUSD TECHS: Corrective Cycle
- RES 4: 1.3605 1.236 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 3: 1.3550 High Feb 24 ‘22
- RES 2: 1.3510 1.236 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 1: 1.3444 High Apr 28 / 29
- PRICE: 1.3363 @ 16:44 BST May 6
- SUP 1: 1.3257 Low May 5
- SUP 2: 1.3232 20-day EMA
- SUP 3: 1.3041/3045 Low Apr 14 / 50-day EMA
- SUP 4: 1.2968 Low Apr 11
The latest pullback in GBPUSD appears corrective. A tweezer top formation on the daily candle chart last Monday/Tuesday, highlights a short-term top. Firm support at 1.3232, the 20-day EMA, remains intact. A break of this level would signal scope for a deeper retracement. Note that moving average studies are in a bull-mode position, signalling a dominant underlying uptrend. A resumption of gains would open 1.3510, a Fibonacci projection.
US LABOR MARKET: MNI US Employment Insight: Another Month Of Resilience
- We have published and e-mailed to subscribers the MNI US Employment Insight.
- Please find the full report including MNI analysis: https://media.marketnews.com/US_Employment_Report_May2025_1306f78f63.pdf
PIPELINE: Corporate Bond Update: Multiple Launches
Multiple corporate bonds launched around the Tsy 10Y auction:
- Date $MM Issuer (Priced *, Launch #)
- 05/06 $2B #Grupo Nutresa $1B 5Y 8%, $1B 10Y 9%
- 05/06 $1.75B #Standard Chartered $1B 6NC5 +135, $750M 6NC5 SOFR+168
- 05/06 $1.75B #Biogen $400M +5Y +115, $650M 10Y +145, $700M 30Y +165
- 05/06 $1.5B #Deutsche Bank 6NC5 +140
- 05/06 $1B #Dominion Energy 3Y +87.5
- 05/06 $750B #Gold Fields 7Y +175
- 05/06 $650M #American Homes 4 Rent 5Y +117
- 05/06 $500M #SURA Asset Mgt 7Y +230
- 05/06 $500M *Shinhan Bank 5Y +72
- 05/06 $500M #LYB Int 10Y +187
- 05/06 $Benchmark Bank of America 4NC3 +110a, 4NC3 SOFR+134, 11NC10 +140a
- 05/06 $Benchmark Starbucks Corp 3Y +100a, 5Y +115a, 10Y+135a
- 05/06 $Benchmark Cummins Inc +80a, +5Y +100a, 10Y +120a
- 05/06 $Benchmark Host Hotels & Resorts 7Y +195a
- 05/06 $Benchmark PNC 2NC1 +100a, 6NC5 +120a
- 05/06 $Benchmark UBS 11NC10 +128
- 05/06 $500M Eaton WNG 5Y +90a
