* RES 4: 119.780 High Apr 22 (cont) * RES 3: 119.600 High May 7 (cont) * RES 2: 119.250 76.4% of the...
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The latest pullback in EURGBP appears corrective and Tuesday’s rally signals the end of the corrective phase. Support to watch lies at 0.8597, the Aug 14 low. Clearance of this level would cancel a bull theme and reinstate a recent bearish threat. For bulls, a stronger resumption of gains would open 0.8744, the Aug 7 high. Key resistance and the bull trigger is at 0.8769, the Jul 28 high. First support is 0.8640, the 50-day EMA.
Market Summary: All of China's major bourses are up with the Hang Seng leading the charge. The HSI is up +1.41%, the CSI 300 +0.60%, Shanghai +0.40% and Shenzhen up +0.82%. The Yuan Reference Rate at 7.1013 Per USD; Estimate 7.1027 and China's 10-Yr CGB is at 1.78%.
The trend structure in Schatz futures is unchanged, it 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.