• Jury still out on the Pound after Brexit vote defeat

    Further to my update last night we've seen some good two-way business for GBP pairs after May's comprehensive defeat as algos and traders try and second-guess the next moves. Lots of talk about delay to Brexit and even No Brexit (I've covered that scenario/end-game for May/EU previously) and that's helped to underpin Pound pairs after the initial wobble. May and her government face a No Confidence vote at 19.00 GMT today but currently it's widely expected she will survive it with the DUP and others pledging to support her this time, if only to protect their current political sway and therefore not wanting a General Election.

    GBPUSD posted lows of 1.2668 last night but has since been back up to 1.2895 this morning and is currently finding dip buyers into 1.2850 I remain GBP bearish overall and happy to jump on rallies then buy back in the dips. The current developments and price action should rightly make GBP traders cautious still but there is still much uncertainty and story to unravel yet whilst needing to respect the current demand.

    EURGBP has been down this morning to 0.8843 (GBPEUR up to 1.1309) before finding a few Euro buyers/Pound sellers again.

    EURUSD continues to find some dip demand after holding 1.1380 but similarly still struggling to get back above 1.1420-30 for the moment while USDJPY duly found support into 108.30 again and has rallied to test 108.75-80 once more.

    USDCHF remains tightly bound but underpinned with EURCHF finding some dip-demand again into 1.1250 but equally rally sellers too while AUDUSD has also been contained in the 0.7180-7220 range I highlighted yesterday with China/USDCNH still casting its shadow. USDCAD has fallen back to test 1.3250 again after another failure into 1.3300 and still largely being pulled around by oil prices.

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

    I wish you a good day ahead one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.11 GMT

    GBPUSD 1.2872

    EURUSD 1.1402

    EURGBP 0.8857

    GBPEUR 1.1287

    GBPAUD 1.7905

    GBPCAD 1.7085

    GBPHKD 9.9796

    USDJPY 108.61

    EURJPY 123.88

    GBPJPY 139.86

    AUDUSD 0.7204

    EURCHF 1.1275

    USDCAD 1.3251

    USDCHF 0.9881

    EURHKD 8.8417


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