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Flash: Gilts remain bearish below 118.64 level – RBS

FXstreet.com (Barcelona) - Gilts remain bearish below 118.64, marking the 123.6% Fibonacci projection from the Feb-Mar 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.” writes Technical Strategist Dmytro Bondar at RBS. This 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. Caveat is a potential double-bottom formation, while a sustained recovery above 118.64 (or a close above the 118.94 gap) changes the view.

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