EUROZONE T-BILL ISSUANCE: W/C 24 November

France, Austria, Italy and Greece are due to sell bills this week. We expect issuance to be E14.1bln in first round operations, down from E20.6bln last week.

• This afternoon, France will look to sell up to a combined E7.6bln of 14/25/27/49-week BTFs: E2.9-3.3bln of the new 14-week Feb 4, 2026 BTF, E0.2-0.6bln of the 25-week Apr 22, 2026 BTF, E1.5-1.9bln of the 27-week May 6, 2026 BTF and E1.4-1.8bln of the 49-week Oct 7, 2026 BTF.
• Tomorrow morning, Austria will look to issue E1.0bln of the 3-month Jan 29, 2026 ATB and E1.0bln of the new 6-month Apr 30, 2026 ATB.
• On Wednesday morning, Italy will look to come to the market with a 1/5-month BOT auction with E2.0bln of the 1-month Dec 12, 2025 BOT and E2.0bln of the 5-month Mar 31, 2026 BOT on offer.
• Finally on Wednesday morning, Greece will look to sell E500mln of the new 13-week Jan 30, 2026 GTB.

• RES 4: 1.3613 76.4% retracement of the Sep 17 - Oct 14 bear leg    
• RES 3: 1.3544 61.8% retracement of the Sep 17 - Oct 14 bear leg 
• RES 2: 1.3527 High Oct 1 and a pivot level
• RES 1: 1.3393/3471 20-day EMA / High Oct 17 and a key resistance  
• PRICE: 1.3332 @ 06:37 BST Oct 27
• SUP 1: 1.3249 Low Oct 14 and the bear trigger
• SUP 2: 1.3220 0.764 proj of the Sep 17 - 25 - Oct 1 price swing 
• SUP 3: 1.3142 Low Aug 1 and a key support
• SUP 4: 1.3041 Low Apr 14           

GBPUSD maintains a softer short-term tone for now. Recent weakness highlights the end of the corrective bounce between Oct 14 - 17. Sights are on key short-term support at 1.3249, the Oct 14 low and a bear trigger. A breach of this level would confirm a resumption of the downleg that has been in place since Sep 17. Key near-term resistance is at 1.3471, the Oct 17 high. A breach would signal a possible reversal.

• RES 4: 119.000 Round number resistance        
• RES 3: 118.970 High Oct 17 and key resistance    
• RES 2: 118.770 High Oct 22 
• RES 1: 118.600 High Oct 24   
• PRICE: 118.190 @ 06:18 BST Oct 27
• SUP 1: 118.148 50-day EMA  
• SUP 2: 118.043 61.8% retracement of the Sep 25 - Oct 17 bull cycle    
• SUP 3: 117.900 Low Oct 10   
• SUP 4: 117.824 76.4% retracement of the Sep 25 - Oct 17 bull cycle 

Bobl futures traded sharply lower Friday, extending the reversal that started on Oct 17. The move down is - for now - considered corrective and is allowing an overbought trend condition to unwind. Attention is on the next important support at 118.148. A clear breach of this average would signal scope for a deeper retracement. Initial resistance is at Friday’s high of 118.600.