EGB FUNDING UPDATE: Netherlands 2026 Funding Plan
* DSTA borrowing requirement for 2025: E112.0bln. This consists of E41.0bln cash deficit , E42.2bl...
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GILTS: Off Pullback Lows, Bulls Remain In Control
Gilts draw support from the bid in EGBs and cross-market inputs (oil lower & equities off highs) detailed in recent bullets.
- Bears failed to close yesterday’s opening gap higher in futures and the technical picture in the contract remains bullish, with key resistance located at 93.98.
SOFR OPTIONS: Midcurve Put strip
2QX5 96.75/96.68p strip, bought for half in 4k.
EURGBP TECHS: Fresh Cycle High
- Fresh Cycle HighRES 4: 0.8875 High Apr 25
- RES 3: 0.8868 61.8% retracement of the 2022 - 2024 bear leg
- RES 2: 0.8848 1.618 proj of the Sep 15 - 25 - Oct 8 price swing
- RES 1: 0.8838 Intraday high
- PRICE: 0.8836 @ 14:54 GMT Nov 12
- SUP 1: 0.8763 Low Nov 3
- SUP 2: 0.8761 20-day EMA
- SUP 3: 0.8722 50-day EMA
- SUP 4: 0.8656 Low Oct 8 and a key support
The trend cycle in EURGBP remains bullish and the cross has traded higher today, resulting in a breach of 0.8830, the Nov 5 high. The break confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on 0.8848, a Fibonacci projection. On the downside, initial key short-term support to watch lies at 0.8761, the 20-day EMA. A break would highlight a possible short-term reversal.
