EURGBP TECHS: Monitoring Resistance

• 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. 

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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