EU FINANCIALS: Novo Banco (NOVBNC) Fitch Watch Positive

• First glance: services really high at 5.4%Y/Y driving the increase (consensus 4.8%, BOE 5.00%)
• GBPUSD briefly breaches 1.3450

• RES 4: 93.00 Round number resistance 
• RES 3: 92.53 High May 9      
• RES 2: 92.10 20-day EMA
• RES 1: 92.03 High May 16                            
• PRICE: 91.13 @ Close May 20
• SUP 1: 90.86 Low May 19                                          
• SUP 2: 90.47 Low Apr 11
• SUP 3: 89.99 Low Apr 9 and a key support    
• SUP 4: 89.42 1.00 proj of the Apr 7 - 9 - May 2 price swing     

A bear cycle in Gilt futures remains in play and recent weakness strengthens a bearish theme. The move down exposed 90.92, 76.4% of the Apr 9 - May 2 rally. This level has been pierced, a clear break of it would pave the way for an extension towards 90.47, the Apr 11 low. Resistance to watch is 92.30, the 20-day EMA. Clearance of this level would be bullish and signal a potential reversal.

• MNI: UK APR CPI +1.2% M/M, +3.5% Y/Y
• UK APR CORE CPI +1.4% M/M, +3.8% Y/Y
• UK APR RPI +1.7% M/M, +4.5% Y/Y
• UK APR SERVICES CPI +2.2% M/M, +5.4% Y/Y