UK DMO UPDATE: Provisional outline calendar due at 7:30GMT

• RES 4: 123.34 High Dec 11       
• RES 3: 122.85 High Dec 12  
• RES 2: 121.88 76.4% retracement of the Dec 11 - Jan 13 bear leg  
• RES 1: 120.98/121.00 61.8% of Dec 11 - Jan 13 bear leg / High Jul 7    
• PRICE: 120.50 @ Close Feb 7 
• SUP 1: 119.78 20-day EMA          
• SUP 2: 118.65/117.16 Low Jan 24 / 13 and the bear trigger
• SUP 3: 116.59 76.4% retrace of the Jun - Dec ‘24 bull cycle (cont)
• SUP 4: 116.07 Low Jul 8 ‘24 (cont)    

A bullish cycle in BTP futures remains intact and the contract is trading at its recent highs. Price has breached both the 20- and 50- day EMAs. This signals scope for an extension of the upleg and sights are on 120.98 (pierced) and 121.88, Fibonacci retracement points. On the downside, initial key support to watch lies at 118.65, the Jan 24 low. Clearance of this price point would highlight a reversal and the end of the correction.

RATINGS: Rating reviews of note from after hours on Friday include:

• Fitch affirmed Belgium at AA-; Outlook Negative
• Fitch affirmed the European Union at AAA; Outlook Stable
• Fitch affirmed Finland at AA+; Outlook Negative
• Moody's affirmed Luxembourg at Aaa, outlook stable
• Morningstar DBRS confirmed Slovakia at A, Negative Trend

• MNI: NORWAY JAN CORE CPI +0.1% M/M, +2.8% Y/Y