EUROZONE T-BILL ISSUANCE: W/C 14 July
Germany, the ESM, France, Portugal and the EU have all sold bills this week. We expect issuance to h...
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SCHATZ TECHS: (U5) Support Remains Exposed
- RES 4: 107.690 High Apr 30
- RES 3: 107.610 High May 23 and a key near-term resistance
- RES 2: 107.430/475 High Jun 13 / High May 27
- RES 1: 107.319 20-day EMA
- PRICE: 107.220 @ 06:03 BST Jun 18
- SUP 1: 107.195/185 Low Jun 6 / 16
- SUP 2: 107.125 Low May 12 and a key support
- SUP 3: 107.000 Round number support
- SUP 4: 106.890 2.000 proj of the May 23 - 29 - 30 price swing
Schatz futures remain below last week’s high. Support to watch lies at 107.195, the Jun 6 low. It has been pierced, a clear break of this level would reinstate a bearish threat and signal scope for an extension towards 107.125, the May 12 low. On the upside, a breach of 107.470, the May 30 high, is required to strengthen a bullish condition. First key resistance is 107.430, the Jun 13 high.
LOOK AHEAD: UK Timeline of Key Events (Times BST)
| Date | UK | Period | Event |
| 18-Jun | 0700 | May | Consumer inflation report |
| 19-Jun | 1200 | Bank Of England Interest Rate | |
| 20-Jun | 0001 | Jun | Gfk Monthly Consumer Confidence |
| 20-Jun | 0700 | May | Public Sector Finances / Retail Sales |
| 20-Jun | 1630 | Q3 | BOE to announce Q3 APF sales schedule |
| 23-Jun | 0930 | Jun | S&P Global Flash PMIs |
| 24-Jun | 1030 | ---- | BOE Green On CB Balance Sheet Mgmt |
| 24-Jun | 1100 | Jun | CBI Industrial Trends |
| 24-Jun | 1435 | ---- | BOE Ramsden At Barclays-CEPR MonPol Forum |
| 24-Jun | 1500 | ---- | BOE Bailey At Lords Econ Affairs Committee |
| 24-Jun | 1650 | ---- | BOE Breeden At UK Finance Digital Innovation Summit |
| 25-Jun | 0001 | Jun | Brightmine pay deals for whole economy |
| 25-Jun | 0945 | ---- | BOE Lombardelli At BOE MonPol Conference |
| 25-Jun | 1000 | ---- | BOE Pill On Panel At BOE MonPol Conference |
| 25-Jun | 1330 | ---- | BOE Lombardelli Chairs Riksbank's Breman Speech At BOE MonPol Conf |
GBPUSD TECHS: Corrective Pullback Extends
- 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: 1.34441 @ 06:17 BST Jun 18
- SUP 1: 1.3415 Low Jun 17
- SUP 2: 1.3350 50-day EMA
- SUP 3: 1.3237 Trendline support drawn from the Jan 13 low
- SUP 4: 1.3140 Low May 12 and key support
A sharp sell-off in GBPUSD Tuesday resulted in a breach of support at the 20-day EMA, at 1.3496. The latest move down is considered corrective and key trend signals remain bullish. The next important support lies at 1.3350, the 50-day EMA. On the upside, the key resistance and bull trigger has been defined at 1.3632, the Jun 13 high. A break of this hurdle would confirm a resumption of the primary uptrend.
