Forex Flash: Gilts buoyed by support – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “The price of Gilts has two support pivot points at 116.97 and 116.54, as yesterday’s price action saw Tweezer top, suggesting a pull back for the time being. In the long term, a pennant on a daily chart suggests there would be good chances of extending the rally to 118.37 onto 119.00. There might be a pullback in the near term, but it is likely to be a temporary one. After that more upside to 118.40 onto 119.00 would be likely. These are Fibonacci levels on a weekly continuation chart. A noteworthy stipulation would be a sustained break below 116.54.”