US NATGAS: Central and Northern Cali Natgas Prices Climb

• RES 4: 1.2667 High Dec 19 
• RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing    
• RES 2: 1.2576 High Jan 7
• RES 1: 1.2520/23 50-day EMA / High Jan 27 
• PRICE: 1.2438 @ 16:19 GMT Jan 28
• SUP 1: 1.2387/2294 20-day EMA / Low Jan 23  
• SUP 2: 1.2229 Low Jan 21
• SUP 3: 1.2100 Low Jan 10 and the bear trigger 
• SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing    

A bull cycle in GBPUSD remains in play. The pair has cleared the 20-day EMA, marking an extension of the reversal that started Jan 13. Attention is on the 50-day EMA, at 1.2520 and an important resistance. Clearance of the average would highlight a stronger bull cycle. Medium-term trend signals are unchanged, they  remain bearish. A reversal lower would refocus attention on 1.2100, the Jan 10 low and bear trigger.        

RRP usage rebounds to $112.760B this afternoon after falling to $92.863B yesterday - the lowest level since mid-April 2021. The number of counterparties rises to 28 from 26 prior.

Elsewhere in European positioning:

• OAT: OAT is in very short positioning, maintaining the longer-term drift in that direction since mid-September (was "short" in our last update). Recent trade suggests shorts cover, however.
• GILT: Gilt structural positioning has shifted to flat vs long previously, with recent price volatility only briefly seeing a dip toward shorts. The most recent week saw some short covering.
• BTP: BTP has exited structural longs for our first update since summer 2025, with our current reading at flat. Longs were reduced in the most recent week of trade.