EURGBP TECHS: Reverses Recent Recovery
- RES 4: 0.9097 76.4% Retracement of the Sep 26 - Dec 1 bear leg
- RES 3: 0.9047 2.0% 10-dma envelope
- RES 2: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
- RES 1: 0.8979 High Feb 3 and the bull trigger
- PRICE: 0.8827 @ 15:47 GMT Feb 24
- SUP 1: 0.8784 Low Feb 22
- SUP 2: 0.8762 Low Jan 30
- SUP 3: 0.8754 1.0% 10-dma envelope
- SUP 4: 0.8722 Low Jan 19 and a reversal trigger
EURGBP reversed lower into the Tuesday close, harming the recent bullish outlook. The intraday break below 0.8804 is bearish, and a close below the handle opens further weakness. 0.8770 vol band support could provide initial support ahead of 0.8762. Nonetheless, moving average studies remain in a bull-mode position, highlighting an underlying uptrend.
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GBPUSD TECHS: Fails to Test Monday High
- RES 4: 1.2599 High Jun 7
- RES 3: 1.2558 High Jub 9, 2022
- RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
- RES 1: 1.2448 High Jan 23
- PRICE: 1.2344 @ 16:12 GMT Jan 25
- SUP 1: 1.2264 Low Jan 24
- SUP 2: 1.2226/2083 20-day EMA / Low Jan 9
- SUP 3: 1.2081 50-day EMA
- SUP 4: 1.1842 Low Jan 6 and the bear trigger
GBPUSD has pulled back from recent highs. The move lower is considered corrective. A broader bullish structure remains intact and moving average studies continue to highlight an uptrend. Earlier this week, price pierced resistance at 1.2446, Dec 14 high. A clear break of this hurdle would confirm a resumption of the uptrend that started late September 2022 and open 1.2506, a Fibonacci projection. Initial firm support is 1.2226, the 20-day EMA.
PIPELINE: Capital One 2Pt Guidance Update
Should launch shortly w/ Tsy 5Y auction out of the way
- Date $MM Issuer (Priced *, Launch #)
- 01/25 $Benchmark Capital One 6NC5 +190, 11NC10 +235
- For Thursday:
- 01/26 $2.75B Mauser Packaging 3.5NC1.5 investor calls
US TSYS/SUPPLY: Review $43B 5Y Note Auction: Stops Through
Tsy futures gain slightly after $43B 5Y note auction (91282CGH8) stops through: 3.530% high yield vs. 3.555% WI; 2.64x bid-to-cover vs. 2.46x the prior month.
- Indirect take-up at 75.74% vs. 64.51% prior; Direct take-up 15.44% vs. 18.56% prior; Primary dealer take-up 8.82% vs. 16.92%.
- The next 5Y auction is tentatively scheduled for February 22.
