• Brexit bluster still keeping the jury out on the Pound

    Following on from my end of week update we're still seeing Brexit grab the headlines but the bluster from May and apparent lack of co-operation from the EU still sees the jury out as the PM gets ready to make a statement to Parliament at 15.30 GMT today ahead of tomorrow's vote. Yesterday she was playing the "vote for my deal or risk no Brexit" card and the Pound found early buyers in Asia ( No Brexit still provides knee-jerk positive GBP tones despite the potential political risk/civil unrest) but has since retreated again. The truth of the matter right now is that there is no certain outcome to any of it and the various scenarios/conjecture will continue to play out over the next days/weeks.

    GBPUSD is still finding dip buyers into 1.2800-10 having fallen back from the 1.2867 highs with EURGBP dip demand at 0.8900 helping to cap Cable rallies. I remain GBP bearish overall and happy to jump on rallies then buy back in the dips.EURGBP has a few bids building now at 0.8900 (GBPEUR sellers 1.1235).

    EURUSD continues to find some dip demand into 1.1450 but similarly struggling to get back above 1.1500 after Friday's tumble while USDJPY has found support into 108.00 again after this morning's fall from 108.63 highs on some risk-off sentiment.

    USDCHF has also been tightly bound but fallen back to look at 0.9820 this morning on the risk-off CHF demand with EURCHF also falling back from 1.1300.AUDUSD rally sellers have prevailed again around 0.7220 but 0.7175-80 support/bids have held still and the pair remains range-bound for the moment while USDCAD has rallied further to post 1.3299 but offers at 1.3300 proved a step too far at this time even if softer oil prices provide some on-going CAD weakness.

    Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.

    Another awful display from the currently very indifferent Shrimpers and the 2-2 losing scoreline flattered us. A miserable day at the Hall was made better though by the wonder goal scored by 17 Year old debutant Charlie Kelman. Definitely an "I was there" moment.

    Andy Murray currently a Set down in the Aussie Open in what might be his last competitive match following his injury-forced retirement press conference on Friday. A sad day for sport if so.

    I wish you good day and week ahead.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.24 GMT

    GBPUSD 1.2828

    EURUSD 1.1469

    EURGBP 0.8940

    GBPEUR 1.1184

    USDJPY 108.16

    EURJPY 124.04

    GBPJPY 138.72

    AUDUSD 0.7192

    EURCHF 1.1275

    USDCAD 1.3275

    USDCHF 0.9831


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