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Forex Flash: Gilts rupture support and maintain bearish tone – RBS

FXstreet.com (Barcelona) - Gilts took off the 20-day MA and 119.24/27 support, which turned into resistance, as a reaction from the 118.64 support yesterday failed to recover above the 119.24/27 region; confirming the view for a bearish turn in the market.

According to Technical Strategist Dmytro Bondar at RBS, “The 118.61/64 has become a major resistance for the market, which also penetrated the 118.00 support. The next level lies at 117.43 and beneath at 117.00/06. The bias is bearish – looking for a move to 117.43 onto 117.06 and 116.50 with a caveat of a sustained recovery above 118.61 (or a close above the 118.94 gap).”

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