GBPUSD TECHS: Tops 50-day EMA on Hawkish BoE

• RES 4: 1.3852 1.764 proj of the Feb 28 - Apr 3 - 7 price swing
• RES 3: 1.3835 High Oct 20 2021
• RES 2: 1.3800 Round number resistance
• RES 1: 1.3681/3789 High Jul 04 / 01 and the bull trigger 
• PRICE: 1.3582 @ 16:18 BST Jul 9
• SUP 1: 1.3526 Low Jul 08
• SUP 2: 1.3473 50-day EMA
• SUP 3: 1.3389 Trendline support drawn from the Jan 13 low 
• SUP 4: 1.3245 Low May 19

The trend set-up in GBPUSD remains bullish and recent weakness appears corrective. The pair has cleared support around the 20-day EMA, signalling scope for a deeper retracement towards the next key support at the 50-day EMA. at 1.3473. Key resistance and the bull trigger is at 1.3789, the Jul 1 high. Clearance of this hurdle would resume the uptrend. Note that MA studies are in a bull-mode position, suggesting the M/T uptrend is intact.           

NTT Finance 7-tranche debt issuance is the largest issuer since Mars issued $26B over 8 tranches on March 5. 

• Date $MM Issuer (Priced *, Launch #)
• 07/09 $11.25B #NTT Finance Corp: $1.25B 2Y +72, $1.5B 3Y +82, $500M 3Y SOFR+108, $2.5B 5Y +97, $500M 5Y SOFR+131, $2.5B 7Y +107, $2.5B 10Y +117
• 07/09 $3.75B #Romania $2B +5Y +185, $1.75B +10Y +230 (also E1.5B 2039 Tap +415)
• 07/09 $1.6B #Viper Energy $500M 5Y +100, $1.1B 10Y +140
• 07/09 $900M #Gulfstream Natural Gas System 10Y +125
• 07/09 $Benchmark Western-Southern 3Y +70
• Expected Thursday:
• 07/09 $500M World Bank 2030 Tap SOFR+43a
• 07/10 $2.25B Nissan Motor $750M Each: 5Y 7.25%a, 7Y 7.75%a, 10Y 8%a

• Treasury futures holding near session highs (TYU5 +11 at 111-04, 4.3616% yld) after the $39B 10Y note auction re-open (91282CNC1) stops .3bp through: drawing 4.362% high yield vs. 4.365% WI; 2.61x bid-to-cover vs. 2.52x prior.
• Peripheral stats: indirect take-up retreats to 65.42% vs. 70.56% prior; direct bidder take-up at 23.70% from 20.48% prior; primary dealer take-up 10.87% vs. 8.96% prior.
• The next 10Y auction (re-open) is tentatively scheduled for August 6.