• Another Brexit roller-coaster ride for the Pound

    Yes, a headline I've written a few times in recent months and once again the Pound has been in a whirl with all the Brexit noise keeping the algo boxes more than busy.

    Too many moves to itemize here but in the last 24 hours GBPUSD has posted lows of 1.2828, highs of 1.3050 and lots of retreats and rallies in between as the "Brexit deal agreed" headers keep getting usurped by reality checks, not least of which from the DUP as I warned in tweets last night (follow me @MSPFX and @MikePatersonFX if you're not already) We've been back up to look at 1.3020 this morning but currently back down to 1.2954 not helped by UK headline inflation data out just now coming in under expectations and giving the Pound a further nudge lower, but all eyes stay focuses on May's showdown Cabinet meeting today at 14.00 GMT.

    Immediate offers now around 1.2980 and 1.3000 with more sellers poised behind that into 1.3020 then 1.3050 again.Larger interest still between 1.3080-1.3100 then 1.3120 and 1.3150. Bids/demand building now between 1.2940-50 and proving to be a good line in the sand currently, then 1.2920, 1.2900 1.2880 and 1.2850. More buyers still at 1.2830, 1.2800 and 1.2785 again with larger into 1.2750. I remain GBP bearish overall and happy to jump on rallies then buy back in the dips, a strategy that continues to work well but caution still advised on all the Brexit headline unknowns.

    EURGBP has also understandably been on a Brexit roller-coaster ride of its own falling to test support at 0.8655 (GBPEUR up to 1.1550) before rallying to 0.8717 (1.1468) then falling now again to 0.8694 as I type. Buyers poised around 0.8680 then 0.8665 and 0.8650, with larger into 0.8630 and 0.8600 with sellers at 0.8720, 0.8750, 0.8780, 0.8800, 0.8830 and 0.8850.

    EURUSD has been on a gradual climb higher helped by some softer USD$ sentiment and shorts covering a few positions given the hold of 1.1200-20.We've been up to 1.1321 before falling back this morning helped by some EURGBP selling and EURJPY supply with equities wobbly again and causing some safe-haven Yen demand. Bids/support now at 1.1250 then larger at 1.1220, 1.1200 and 1.1185 with sellers at 1.1300, 1.1320-30 and 1.1350.

    USDJPY has been tightly bound with risk-off Yen demand playing against some general US$ demand this morning. Immediate sell interest at 114.00 then again between 114.20-30 and larger at the key 114.50 area with buyers poised at 113.75 and 113.50-60 again then 113.20. I remain a rally seller buying back in the dips.

    USDCHF has also found support again helped by some EURCHF dip demand again. Bids/support still around 1.1330 and 1.1300 with sellers poised at 1.1400 again with USDCHF bids at 1.0060 and sellers around 1.0120 and 1.0150 still. I'm still happy to trade both sides of the price action at the moment but preferring the dip buys.

    AUDUSD turned lower yet again on the general USD demand and AUDJPY supply and now posted lows of 0.7188 from 0.7238.Immediate bids/support now at 0.7180 and 0.7150 with sellers poised at 0.7220, 0.7235 and larger into 0.7250. USDCAD has remained underpinned and now posted fresh recent highs of 1.3263 before retreating on firmer oil prices this morning. Bids now at 1.3230, 1.3200, 1.3180 then 1.3160 still with sellers poised around 1.3250 again then 1.3270 and 1.3300 still.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

    Have a good day out there one and all

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 09.35 GMT

    GBPUSD 1.2954

    EURUSD 1.1275

    EURGBP 0.8704

    GBPEUR 1.1488

    USDJPY 113.84

    USDCAD 1.3242

    USDCHF 1.0091

    GBPAUD 1.8013

    GBPCAD 1.7154

    GBPCHF 1.3072

    GBPHKD 10.0433

    EURHKD 8.7424


official partner advert

Proud supporter of


Call us today: +44 (0) 1732 700 383

Email : info@mspfx.co.uk

Bringing You The Best Value Currency Deals

Raising the Standard in Foreign Currency Exchange & International Money Transfers

Office hours : Monday to Friday - 8am till 6pm

The MSP Update

Photo crop (passport)

Welcome to my blog

Daily market commentary from
Mike Paterson

The MSP Update is an essential tool for personal and business clients who want to be kept informed on a daily basis. If you would like to discuss your requirements then give us a call and talk to one our experienced team..

Call today +44 (0) 1732 700 383

Find out how much you could save today

Don’t let the banks or your existing foreign currency broker cash in with poor exchange rates and extortionate fees, Whether you are making a small or large, one-off or regular money transfer , MSP FX will offer the best rates for your individual foreign currency requirements and assist you in transacting at the most opportune moment possible given your timeframe. MSP Foreign Exchange Services offers complete security of funds by executing trades only through preferred FSA and HMRC regulated providers. For more information call us today and find out how MSP FX can help you.


You are viewing the text version of this site.

To view the full version please install the Adobe Flash Player and ensure your web browser has JavaScript enabled.

Need help? check the requirements page.

Get Flash Player