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Flash: Gilts remain bearish below 116.88 – RBS

A new low and methods continuation pattern emerging with Gilts confirms the market is weak, as a Fibonacci level of 116.88 – the recent gap of 116.41 keeps a strong resistance region for the price.

According to Technical Strategist Dmytro Bondar at RBS, “There is however support looming at 115.50, which coupled with a failure swing on the 20/5/5/3 slow stochastic oscillator, suggests there might be some consolidation within the 115.50 – 116.80 range before moving to lower targets of 114.80 and below 114.31/08. The upside should be capped by the 116.88 level. If broken, the view would require re- assessment.”

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