BOBL TECHS: (Z5) Bullish Theme

• RES 4: 107.240 High Aug 4 
• RES 3: 107.225 High Aug 27 and the bull trigger 
• RES 2: 107.145/190 High Sep 11 / High Sep 5 and 8
• RES 1: 107.050 Low Aug 25 and Sep 2 and a recent breakout level 
• PRICE: 107.000 @ 06:05 BST Sep 15
• SUP 1: 106.965 Low Sep 12   
• SUP 2: 106.948 1.382 proj of the the Aug 27 - Sep 2 - 8 price swing  
• SUP 3: 106.928 1.500 proj of the the Aug 27 - Sep 2 - 8 price swing
• SUP 4: 106.900 Round number support

The trend structure in Schatz futures remains bearish and last week’s sell-off confirms a resumption of the downtrend. The contract has breached support at 107.050, the Aug 25 and Sep 2 low plus a bear trigger. This maintains the bearish price sequence of lower lows and lower highs. Scope is seen for an extension towards 106.948 next, a Fibonacci projection. Initial resistance is at 107.050, Aug 25 and Sep 2 low.

• RES 4: 1.3681 High Jul 4  
• RES 3: 1.3636 76.4% retracement of the Jul 1 - Aug 1 downleg
• RES 2: 1.3595 High Aug 14 and a bull trigger 
• RES 1: 1.3590 High Sep 9
• PRICE: 1.3565 @ 06:24 BST Sep 15
• SUP 1: 1.3475/3333 50-day EMA / Low Sep 3
• SUP 2: 1.3315 61.8% retracement of the Aug 1 - 14 bull leg
• SUP 3: 1.3249 76.4% retracement of the Aug 1 - 14 bull leg 
• SUP 4: 1.3142 Low Aug 1 and a key support      

A bullish theme in GBPUSD remains intact and price is trading at its recent highs. The rally that started Sep 3 has retraced the steep Sep 2 sell-off and highlights a stronger bullish development. This suggests the corrective cycle between Aug 14 - Sep 3 is over. Sights are on resistance at 1.3595, the Aug 14 high and a bull trigger. A clear break of this hurdle would strengthen a bullish condition. Initial support to watch is 1.3475, the 50-day EMA.

• RES 4: 118.635 1.500 proj of the Aug 25 - 28 - Sep 2 price swing     
• RES 3: 118.561 1.382 proj of the Aug 25 - 28 - Sep 2 price swing  
• RES 2: 118.469 1.236 proj of the Aug 25 - 28 - Sep 2 price swing 
• RES 1: 118.020/400 High Sep 12 / High Sep 8 and 10 
• PRICE: 117.870 @ 06:07 BST Sep 15
• SUP 1: 117.760 Low Sep 4    
• SUP 2: 117.690 Low Sep 2    
• SUP 3: 117.630 Low Aug 25  and a key short-term support   
• SUP 4: 117.481 123.6% retracement projection of Aug 25 - 28 rally  

Bobl futures have pulled back from their recent highs. The contract recently breached resistance at 118.260, the Aug 28 high. A break of this level does undermine a recent bearish theme and signals scope for a recovery towards 118.469, a Fibonacci projection. On the downside, the latest pullback has exposed support at 117.690, the Sep 2 low. A break of this level would reinstate a bearish theme.