ENERGY: Trump Considers Russia Sanctions in 2 Weeks: Bloomberg

• RES 4: 1.3789 High Jul 01 and the bull trigger
• RES 3: 1.3689 76.4% retracement of the Jul 1 - 16 bear leg
• RES 2: 1.3577 50.0% retracement of the Jul 1 - 16 bear leg
• RES 1: 1.3563 High Jul 23
• PRICE: 1.3560 @ 16:05 BST Jul 23
• SUP 1: 1.3365 Low Jul 16 and the short-term bear trigger 
• SUP 2: 1.3335 Low May 20
• SUP 3: 1.3245 Low May 19
• SUP 4: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle   

GBPUSD traded higher again Wednesday, extending the recovery from the Jul 16 low. The recent spell of weakness resulted in a break of trendline support drawn from the Jan 13 low. The breach is a bearish development, however, the latest bounce also highlights a possible false break. Note that M/T signals still highlight an uptrend. The next resistance to watch is 1.3577, a Fibonacci retracement. The bear trigger is 1.3365, Jul 16 low. A break would resume a bear theme.              

• +20,000 SFRU5 95.75/95.81/95.93/96.00 call condors 2.12-2.25
• +3,000 0QZ5 97.25/97.75/98.00 1x3x2 call flys 4.0 ref 96.825
• +14,000 SFRZ5 95.75/95.87/96.25/96.37 put condors 5.75-6.0 earlier

In non-German contracts:

• OAT: OAT remains in flat territory (having flirted with longs in June). The most recent week's trade was indicative of long setting.
• GILT: Gilt structural positioning remains in short territory. In contrast to other European contracts, shorts were set in the last week.
• BTP:  BTP continues to extend further into "very long" territory. Trade indicative of long-setting was seen in the most recent week.