EURGBP TECHS: Trend Needle Points South
- RES 4: 0.8875 High Apr 25 and key short-term resistance
- RES 3: 0.8835 High May 3
- RES 2: 0.8794 50-day EMA
- RES 1: 0.8725/74 High May 11 / 20-day EMA
- PRICE: 0.8725 @ 16:23 BST May 11
- SUP 1: 0.8672 Low May 10
- SUP 2: 0.8649 76.4% retracement of the Dec 1 - Feb 3 bull run
- SUP 3: 0.8593 Low Dec 15 2022
- SUP 4: 0.8562 Low Dec 13 2022
EURGBP trend conditions remain bearish following this week’s extension lower. The cross has cleared key support at 0.8719, the Mar 15 low. This confirms a resumption of the bear cycle that started Feb 3 and opens 0.8649, a Fibonacci retracement. On the upside, initial firm resistance is seen at 0.8835, the May 3 high. A break would ease a bearish threat. Initial firm resistance is seen at 0.8774, the 20-day EMA.
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EURGBP TECHS: Short-Term Support Remains Exposed
- RES 4: 0.8925 High Mar 7 and a key resistance
- RES 3: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
- RES 2: 0.8863/66 Trendline drawn from the Feb 3 high / High Mar 23
- RES 1: 0.8792/0.8829 20-day EMA / High Mar 30
- PRICE: 0.8783 @ 15:29 BST Apr 11
- SUP 1: 0.8729 Low Apr 4
- SUP 2: 0.8719 Low Mar 15 and key support
- SUP 3: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
- SUP 4: 0.8691 Low Dec 19
EURGBP maintains a softer tone following last week’s low print of 0.8729 on Apr 4. Attention is on support at 0.8719, the Mar 15 low. A break of this level would strengthen bearish conditions and signal scope for a deeper pullback, exposing 0.8691, the Dec 19 low. On the upside, initial firm resistance to watch is at 0.8829, the Mar 30 high, where a break would reinstate a bullish theme.
US: FED Reverse Repo Operation
NY Fed reverse repo usage climbs to $2,297.208B w/ 109 counterparties, compares to prior $2,239.655B. All-time record high of $2,553.716B reached December 30, 2022; high usage for 2023: $2,375.171B on Friday March 31, 2023
NY Federal Reserve/MNI
STIR: BLOCK, May'23 SOFR Put Tree Update
- Total -30,000 SFRK3 94.81/94.93/95.18 put trees, 14.0-14.5 ref 95.015-.01
