GBPUSD TECHS: Support At The 50-Day EMA Remains Intact
- RES 4: 1.3800 Round number resistance
- RES 3: 1.3757 1.618 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 2: 1.3681 1.500 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 1: 1.3632 High Jun 13 and the bull trigger
- PRICE: 1.3479 @ 15:18 BST Jun 20
- SUP 1: 1.3383 Low Jun 19
- SUP 2: 1.3357 50-day EMA
- SUP 3: 1.3257 Trendline support drawn from the Jan 13 low
- SUP 4: 1.3140 Low May 12 and key support
Recent weakness in GBPUSD is considered corrective. The pair has breached support at the 20-day EMA. However, support at the 50-day EMA, at 1.3357, remains intact. Trend signals remain bullish - moving average studies are in a bull-mode position highlighting a dominant uptrend. Key resistance and the bull trigger has been defined at 1.3632, the Jun 13 high. A break of this hurdle would resume the primary uptrend.
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EQUITIES: Large Program Selling As Equities Pull Back
S&P drops 1.1% in the last 15 minutes, with no clear headline catalyst (higher long-end Treasury yields are seen weighing on risk appetite). However, we saw the biggest (apparent) selling program in equities since April 10 going through in the last few minutes, with as many as 1,891 names sold at 1:17pm - see chart:
US TSY FUTURES: BLOCK: Jun'25 10Y Ultra Sale
- -3,500 UXYM5 111-08, sell through 111-09 post time bid, DV01 $303,000.
- The 10Y ultra contract trades 111-05.5 last (-30)
US TSY FUTURES: Post-Auction Selling Extends
- Treasury futures extend session lows post auction, curves bear steepen (2s10s +4.122 at 5.349) with bonds yield climbing to 5.0521% high - highest since late October 2023. 10Y yield up to 4.5665% (+.0796).
- The Jun'25 10Y futures contract trades 109-19 low (-19.5) just above initial technical support at 109-18.5 (May 15 low) - strengthening a bearish theme and exposing key support at 109-08, Apr 24 low and a bear trigger.
- Cross asset update: Gold up 22.0 at 3312.13, stocks weaker again with rise in bond yield (SPX emini -55.5 at 5509.25), Crude mildly weaker (WTI -.10 at 61.93)
