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Forex Flash: Gilts held at key 118.61 mark – RBS

FXstreet.com (Barcelona) - The price of gilts was held at 118.61, the 123.6% Fibonacci projection from the March impulse wave. According to Technical Strategist Dmytro Bondar at RBS, “There also was an island reversal; formation on Friday, suggesting the gap and Fibonacci level of 118.97 to become a major support. We favor buying dips near 118.97/119.06, looking for a recovery to 119.56/93 onto 120.50 on a caveat of a sustained break below 118.61”.

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