• Bye bye Parliament. Hello more Brexit shambles

    Last night saw the closing down of UK Parliament until 14 October with Brexit rebels still not allowing a General Election until No Deal is officially passed in law but there's little we don't already know and the Pound remains delicately poised.

    Some risk-off sentiment returning as treasury yields retreat amid all the global uncertainty still as we wait on the ECB this Thursday and US Fed on the 18th.

    GBPUSD has been up to test those 1.2380 sellers before seeing the pair retreat this morning to test 1.2300 as I type on yet another reality check and some renewed GBPJPY supply.We can expect two-way business still whatever your bias. EURGBP has been down to 0.8924 (GBPEUR up to 1.1206) but dip buyers once again taking good advantage and now back to 0.8968 (GBPEUR 1.1150) on the GBP retreat and with EURUSD keeping a bid around 1.1030.GBPJPY has also seen some good two-way action once again with session lows of 132.00 after holding 133.00 but has seen a stronger bias in the past 24 hours as USDJPY rises to test 107.50 amid that better risk sentiment/stronger Pound combo I highlighted yesterday.

    I remain GBP bearish overall and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.Rinse and repeat.Still no reason to change my view any time soon. We have turmoil in the UK and once markets see through the smoke and mirrors the picture remains a very fragile one. Some caution required atm ofc.

    EURUSD remains tightly bound around having failed around 1.1060 again ahead of the decent sell interest at 1.1080 and ECB decisions on Thursday and fallen back only to hold around 1.1030. USDJPY finally broke up through 107.25-30 but has failed at 107.50 but the pair remains tightly bound for the moment. USDCHF remains underpinned around 0.9880 helped by EURCHF demand but has retreated on some renewed risk-off CHF demand.

    AUDUSD continues to find a few buyers above 0.6830 but some weaker data plus AUDJPY supply again has sellers prevailing again. USDCAD has had a run higher again to test 1.3200 from 1.3140 but remains range bound.

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

    Don't forget I offer 1-2-1 mentoring if there's areas of trading this latest volatility, or how to make best use of the order boards and expiries that you might need some further help with.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.24 BST

    GBPUSD 1.2339

    EURGBP 0.8953

    EURUSD 1.1052

    GBPEUR 1.1169

    GBPAUD 1.7986

    GBPNZD 1.9200

    GBPCAD 1.6263

    GBPJPY 132.43

    GBPZAR 18.1489

    GBPHKD 9.5664

    USDJPY 107.33

    USDZAR 14.7251

    EURJPY 118.59

    EURCHF 1.0952

    EURHKD 8.5652

    AUDUSD 0.6862

    USDCAD 1.3176

    USDCHF 0.9910


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