• Hey, guess what? Yep, FX pairs still ranging

    Good two-way business continues across most currency pairs as the various global scenarios continue to play out/negate each other and markets continue to second guess.

    We've seen GBPUSD dip below 1.3200 briefly only to rally and fail around 1.3280 again. Yesterday the Speaker of the Commons told May she can't bring back her awful Withdrawal Agreement for another vote unless significant changes are made and that technically makes a clean Brexit more difficult if ever but hey, it's such a circus already who are we to keep guessing at the outcome.EURGBP has similarly been in hibernation amid the latest GBP downs and ups and downs.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips still but I continue to see good two-way business. I repeat also that political risk is huge in all scenarios and for me negates much of the No Brexit positive tones.

    EURUSD also continues in tight range mode with support from today's large option interest at 1.1300 and capped by natural sell interest and variable USD/risk sentiment still above 1.1350. USDJPY is still tightly bound helped by variable risk sentiment and ongoing GBPJPY supply/demand and we've seen a dip back down to now test 111.00 while capping into 111.50.

    In other Groundhog Day inertia USDCHF also remains underpinned/tightly ranged amid the steady EURUSD and EURCHF while AUDUSD gave up on the current 0.7120-25 ceiling and has been back to look at the 0.7080 support area .USDCAD also remains tightly packed in with good two-way interest at these lower levels of recent range.

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

    Have a good day one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.28 GMT

    GBPUSD 1.3263

    EURUSD 1.1353

    EURGBP 0.8559

    GBPEUR 1.1682

    GBPAUD 1.8687

    GBPCAD 1.7669

    GBPZAR 19.0497

    GBPHKD 10.2836

    USDJPY 111.28

    USDZAR 14.3554

    EURJPY 126.34

    EURHKD 8.8029

    GBPJPY 147.57

    AUDUSD 0.7096

    EURCHF 1.1354

    USDCAD 1.3323

    USDCHF 1.0001

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