GBPUSD TECHS: Trend Needle Points North
- 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 and the bull trigger
- PRICE: 1.2255 @ 16:40 GMT Feb 2
- SUP 1: 1.2240 Low Feb 2 and key S/T support
- SUP 2: 1.2143 50-day EMA
- SUP 3: 1.2089 Low Jan 12
- SUP 4: 1.2000 Round number support
GBPUSD traded lower into the close, extending the gap with recent highs. The 4-month uptrend is intact for now - moving average studies are in a bull-mode position and this reflects bullish market sentiment. Price has recently pierced resistance at 1.2446, the Dec 14 high. A clear break of this hurdle would confirm a resumption of the uptrend and open 1.2506, a Fibonacci projection. Initial firm support to watch is 1.2143, the 50-day EMA.
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GBPUSD TECHS: Bear Cycle Extends
- RES 4: 1.2599 High Jun 7
- RES 3: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
- RES 2: 1.2242/2446 High Dec 19 / 14 and the bull trigger
- RES 1: 1.2148 High Dec 22
- PRICE: 1.2022 @ 15:21 GMT Jan 3
- SUP 1: 1.1928 1.0% 10-dma envelope
- SUP 2: 1.1901 Intraday Low / Low Nov 30 and key support
- SUP 3: 1.1779 Low Nov 21
- SUP 4: 1.1645 38.2% retracement of the Sep - Dec rally
GBPUSD traded lower Tuesday, with an impulsive sell-off finally finding support at the Nov 30 low at 1.1901. Price action highlights the end of a recent period of consolidation, and keeps the short-term outlook bearish. This follows the sharp sell-off on Dec 15 and the subsequent follow through reinforced this theme. On the upside, key short-term resistance has been defined at 1.2446, the Dec 14 high. Initial resistance is at 1.2148, the Dec 22 high.
PIPELINE: $4B Mexico 2Pt Lauched
- Date $MM Issuer (Priced *, Launch #)
- 1/03 $4B #United Mexican States $1.25B 5Y +150, $2.75B 12Y +260
- 1/03 $1.75B #Enterprise Products Op $750M 3Y +90, $1B 10Y +160
- 1/03 $975M #Commonwealth Edison $400M 10Y +115, $575M 30Y +140
- 1/03 $Benchmark Societe Generale 4NC3 +230a, 4BC3 SOFR, 6NC5 +275a, 11NC10 +315a, 30Y +375a
- 1/03 $Benchmark Commonwealth Bank of Australia (CBA) 2Y +68, 2Y SOFR+63
- 1/03 $Benchmark MetLife 3Y +83, 3Y SOFR, 5Y +113, 31Y +140
- 1/03 $Benchmark SMFG 3Y +130, 5Y +160, 7Y +185, 10Y +200
- 1/03 $Benchmark John Deere 3Y +80a, 3Y SOFR, 5Y +100a
- 1/03 $1.75B Targa Resources $900M 10Y +235, $850M 30Y +275
- 1/03 $Benchmark Duke Energy 10Y +140a, 30Y +165a
- 1/03 $Benchmark TD 3Y +95, 3Y SOFR, 5Y +125
- 1/03 $Benchmark UBS 4NC3 +180a, 11NC10 +250a
- 1/03 $Benchmark Caterpillar 3Y +80a, 3Y SOFR
- 1/03 $Benchmark EIB 5Y SOFR+41a
STIR: BLOCKs, Flurry of SOFR Put Condors, Put Spds
- Blocks, total 15,000 SFRZ3 95.06/95.25 put spds,
- Block, 2,500 SFRU3 94.68/94.81/94.93/95.06 put condors, 1.75
- Block, 2,500 SFRZ3 94.68/94.81/94.93/95.06 put condors, 1.25
- Block, 2,500 SFRM3 94.68/94.81/94.93/95.06 put condors, 2.5
