Forex Flash: Recovery looms for gilts – RBS

According to Technical Strategist Dmytro Bondar at RBS, “Gilts were held at 118.61, the 123.6% Fibonacci projection from the March impulse wave. There also was an island reversal; formation on Friday, suggesting the gap and Fibonacci level of 118.97 to become a major support. Looking for a recovery to 119.56/93 onto 120.50 on the stipulation of a sustained break below 118.61”.