The yield on UK 20-year gilts hit a new cycle high and its highest level since May 2016. The high yield hit 2.255%. This is up from the low of the week of February 28, 2022 at 1.369% and from the low of the week of December 6, 2021 at 0.861%.
Looking at the weekly chart, the yield is back above the 38.2% retracement of the decline from the 2007 high at 2.151%. It also topped the October 2018 swing highs and December 2016 swing hi near 2.07%. Stay above these levels and the upside remains the path of least resistance.