Forex Flash: Gilts eye 114.47/30 support – RBS

According to Dmytro Bondar, a Technical Markets Strategist at RBS, “Gilts experienced another strong selloff after breaking its tightened range, as the 115.11 support was tested. The price action suggests there is more downside likely and the 114.47/29 stands as the main support region for now. This is the area of 200% Fibonacci projection from the December 2012 selloff and retracement of the March-June extremes. Below that the 113.83 and the 113.43 would be expected to provide support. On the upside, 115.50 stands out as an important retracement, which would likely limit any bounces.”