UK DMO UPDATE: FQ1 Schedule: Short-dated auctions: Five extra (plus one)

• RES 4: 1.2990 High Nov 8 2024 
• RES 3: 1.2924 61.8% retracement of the Sep 26 ‘24 - Jan 13 bear leg1.2811 High Dec 6 ‘24
• RES 2: 1.2874 High Nov 12 ‘24  
• RES 1: 1.2802 Intraday high 
• PRICE: 1.2790 @ 06:35 GMT Mar 5 
• SUP 1: 1.2679 Low Mar 4     
• SUP 2: 1.2595 20-day EMA
• SUP 3: 1.2554 50-day EMA and a short-term pivot support  
• SUP 4: 1.2440 Low Feb 13      

The trend outlook in GBPUSD remains bullish and Tuesday’s strong gains reinforce this theme. Note that moving average studies have recently crossed into a bull-mode position, highlighting a potentially stronger bull cycle. The pair is holding on to its latest gains and sights are on a climb towards 1.2924, a Fibonacci retracement. Initial firm support to watch is 1.2554, the 50-day EMA.

• RES 4: 119.040 High Feb 28 and a reversal trigger        
• RES 3: 118.950 High Mar 3        
• RES 2: 118.310 Low Mar 3    
• RES 1: 118.060 Intraday high                               
• PRICE: 117.970 @ 06:13 GMT Mar 5 
• SUP 1: 117.820 Intraday low    
• SUP 2: 117.662 1.764 proj of the minor Feb 28 - Mar 3 - 4 price swing 
• SUP 3: 117.600 Round number support  
• SUP 4: 117.490 2.00 proj of the minor Feb 28 - Mar 3 - 4 price swing     

Bobl futures are trading sharply lower this morning. The contract has gapped down and price action is likely to remain volatile near-term. A key short-term support at 117.850, the Feb 20 low, has been pierced. This undermines a recent bullish theme. A continuation lower would signal scope for an extension towards the 117.600 handle. On the upside, key short-term resistance has been defined at 119.040, the Feb 28 high.