• Jury still out as another week draws to a close

    A damp squib in the end last night after MPs voted down a motion for another referendum but did agree to an extension of Article 50 beyond 29 March.What the EU actually agrees to remains a major sticking point as May attempts to bring yet another "Meaningful Vote" before the Commons next week.

    Given all the on-going uncertainty we've seen an understandably muted reaction in GBP pairs but interesting still to note the lack of any decent rally that we've seen lately on seemingly delay/no Brexit positioning.Softer Pound the net result atm as I have expected/recommended.There's really not a lot more to report on that or other matters, and in any case in the wake of the awful atrocities in Christchurch has little gravitas right now anyway. There really are more important things in this world than FX markets.

    We've seen GBPUSD down to 1.3203 but capped at 1.3270 as the jury remains well and truly out, dazed and/or confused by all the Brexit bs this week. EURGBP has similarly been in tight mode.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips still ( I hope my tweets today gave you a good steer) 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.Seems like markets are now taking some of that scenario on board.

    EURUSD continues in tight range mode as today sees a large heap of option expiries between 1.1285-1.1360 while USDJPY is still tightly bound helped by variable risk sentiment and ongoing GBPJPY supply/demand.

    USDCHF also remains underpinned/tightly ranged amid the steady EURUSD and EURCHF while AUDUSD is also tightly bound still and duly failed into 0.7100 again but supported at 0.7050.USDCAD remains on the back foot with firmer oil prices and CAD/JPY demand still helping to put a bid into the Canadian% as I've warned this week.

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

    The struggling Shrimpers of Southend return to the hallowed Hall well and truly in a relegation battle now after a dismal defeat to fellow strugglers Scunthorpe on Tuesday. A must-win occasion tomorrow against bottom side AFC Wimbledon

    Have a good day and week-end one and all wherever yours takes you.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.17 GMT

    GBPUSD 1.3225

    EURUSD 1.1324

    EURGBP 0.8561

    GBPEUR 1.1680

    GBPAUD 1.8663

    GBPCAD 1.7594

    GBPZAR 19.1260

    GBPHKD 10.2564

    USDJPY 111.69

    USDZAR 14.4453

    EURJPY 126.49

    EURHKD 8.7662

    GBPJPY 147.76

    AUDUSD 0.7087

    EURCHF 1.1355

    USDCAD 1.3298

    USDCHF 1.0026


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