Forex Flash: Gilts eye correction movement – RBS

FXstreet.com (Barcelona) - According to Technical Strategist Dmytro Bondar at RBS, “Gilts met the first target of 119.93 and tested the 120.00 resistance, from where a correction looks likely, however the overall view remains constructive, looking for a test of the full wave projection of 120.52.”

Depending on this test there would either be further upside to the 121.00, 121.26 and 121.82 levels or a pull- back to the 119.56/27 support area. “There is a good support at the 119.27 and 20-day MA of 119.00, while a break below would cancel the view.” Bondar suggests.