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Flash: Gilts remain bearish below 118.64 region – RBS

FXstreet.com (Barcelona) - The Gilts market remains bearish below 118.64, marking the 123.6% Fibonacci projection from the February-March impulse wave and a gap from 09/10 March.

However, “The 20/5/5/3 slow stochastic oscillator reached an oversold region and turned up, suggesting a possibility of a short-term bounce or consolidation at the current levels.” notes Technical Strategist Dmytro Bondar at RBS.

This however does not alter the long-term bearish picture post 117.66 breakout, expecting a test of 117.05, 116.68/38 and potentially 115.60. “Bear in mind there is also a minor support at 117.43. The caveat is a sustained recovery above 118.64 (or a close above the 118.94 gap).” Bondar adds.

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