UK 10-year Gilts: Still lots of potential

Bonds are holding at the minor projection at 121.72. Due to the underlying bearish momentum we expect a continuation towards the much more important targets at respectively 116.82 and 108.90. Note that this latter level is virtually equal to multiple pivots of 2013-2014.

We maintain our strong negative stance versus bonds. Only a recovery above 125<>125.20 can ease pressure. Such a recovery is currently unlikely.

Primary trend: negative
Outlook: negative
Strategy: hold short and/or short-entry bonds
Support: 121.72 / 116.82* / 108.90
Resistance: 123.30 / 125.10+
Outlook cancelled/neutralized: above 125.10

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