Gilts continued lower as predicted to the 111.32/29 level & bottomed almost exactly here. We rallied sharply to Thursday’s low at 12.00/02 but we should struggle here again today. Only a break above the short term Fibonacci & trend line resistance at 112.15/20 allows further gains towards 112.50/57 for a selling opportunity with stops above 112.70.
Immediate support is 111.83/80 but below here there is little to stop a retest of 111.23/17 support. A break below 110.90 then triggers further selling for a test of June lows at 110.48/33.