The 20 year UK Gilt yield reached a new cycle high and highest level since May 2016. The high yield reached 2.255%. That is up from the February 28, 2022 week low at 1.369%, and up from the December 6, 2021 week low at 0.861%
Looking at the weekly chart, the yield moved back above the 38.2% retracement of the move down from the 2007 high at 2.151%. It also moved above the swing highs from October 2018 and the swing hi from December 2016 near 2.07%. Stay above those levels and the upside remains the path of least resistance.
This article was originally published by Forexlive.com. Read the original article here.