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2 Aug 2013
Flash: 113.94 a key level for Gilts – RBS
FXstreet.com (New York) - Technical Strategist Dmytro Bondar at RBS analyses the short-term trend of Gilts.
Key quotes
“The market remained in the channel, suggesting the 113.94 resistance might be tested, which would bring clues on how much upside would be likely before a reversal takes place.”
“If the level is broken, there will be chances to reaching 114.60 gap level and even 115.06. This is due to the channel being in place and previously formed morning star on the candlestick chart.”
“The big picture is bearish amid a large inverse H&S on the yield chart with 2.8% and 3.13% targets to be reached by the year-end. In the near-term, 2.20%/2.15% resistance region can be retested.”
Key quotes
“The market remained in the channel, suggesting the 113.94 resistance might be tested, which would bring clues on how much upside would be likely before a reversal takes place.”
“If the level is broken, there will be chances to reaching 114.60 gap level and even 115.06. This is due to the channel being in place and previously formed morning star on the candlestick chart.”
“The big picture is bearish amid a large inverse H&S on the yield chart with 2.8% and 3.13% targets to be reached by the year-end. In the near-term, 2.20%/2.15% resistance region can be retested.”