• Cautious start to the week with markets still fragile

    Equities and oil are generally softer as European trading gets underway and we've seen some risk-off sentiment again in these ever-fickle and mood-swing times. Meanwhile the Pound has found sellers again helped by GBPJPY and GBPCHF supply and amid the Brexit uncertainty with no clear plans emerging still as I've been warning.

    GBPUSD has capped around the 1.2900 area and fallen this morning to post lows of 1.2836 while EURGBP has found support around 0.8800 (GBPEUR sellers at 1.1365) and rallied to post 0.8861 (GBPEUR down to 1.1285.

    I still remain GBP bearish overall and happy to jump on rallies as I still see the greater risk to the downside until proven different.

    EURUSD remains tightly bound in a 1.1350-1.1400 range amid risk and USD uncertainty while USDJPY has run into sellers again helped by the decent sell interest at 110.00 and some risk-off JPY buying but still finding some dip demand. USDCHF and EURCHF remain underpinned but equally finding rally sellers too also helped by some safe-haven CHF demand returning.

    AUDUSD continues to trade tightly also with China and Gold in the mix while USDCAD has rallied again with Canadian$ weakenng as oil prices wobble

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

    Great 4-0 win from the mighty Shrimpers of Southend on Saturday with a display and all four goals right up there with the best we've seen all season. Onwards n upwards!

    Have a good week one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.34 GMT

    GBPUSD 1.2847

    EURUSD 1.1374

    EURGBP 0.8852

    GBPEUR 1.1295

    GBPAUD 1.7946

    GBPCAD 1.7070

    GBPHKD 9.9603

    USDJPY 109.64

    EURJPY 124.70

    GBPJPY 140.90

    AUDUSD 0.7163

    EURCHF 1.1325

    USDCAD 1.3284

    USDCHF 0.9956

    EURHKD 8.8222


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