• More of the same as another week gets underway

    Yes folks, as per recent updates we're seeing continued US$ demand in anticipation of interest rate hikes in December and beyond, while the Pound has been slapped lower again on the prevailing Brexit shambles.

    GBPUSD had ended the week on the back foot around 1.2980 after falling back through decent support between 1.3030-50 then 1.3000. More negative Brexit week-end press saw a gap lower on the Asian opening to 1.2920 and further US$ buying this morning has seen lows of 1.2841 helped by some risk-off GBPJPY selling. Immediate offers now around 1.2880 then 1.2900, 1.2920 1.2950 and the pivotal 1.2980-00 area with decent demand at 1.2830 and 1.2800, 1.2785 with larger into 1.2750. I remain GBP bearish overall and happy to jump on rallies then buy back in the dips, a strategy that continues to work well

    EURGBP has crawled its way higher to climb back up through 0.8730-50 to 0.8775 (GBPEUR down to 1.1395) but has had rallies tempered by some general Euro weakness too.Buyers now around 0.8750 then larger at 0.8730 and 0.8750 with sellers at 0.8780, 0.8800 and 0.8830

    EURUSD has continued its journey lower and now finally taken out the 1.1300 barrier option defence to post lows of 1.1241 this morning. Bids/support at 1.1230 then 1.1200 and 1.1185 with sellers now poised around 1.1280 then 1.1300 with larger interest at the now pivotal 1.1330-40 area.

    USDJPY had another look above 114.00 but sellers poised yet again as I've been warning and coupled with the risk-off Yen demand we've seen a retreat to 113.98 so far. Immediate sell interest again between 114.20-30 then larger at the key 114.50 area with buyers poised at 113.75-80, 113.50-60 again then 113.20. I remain a rally seller buying back in the dips.

    USDCHF has also found support again but also tempered by some safe-haven Franc demand we've seen a cap around 1.0100 with EURCHF sliding further to 1.1351.Bids/support still at 1.1350 then 1.1330 and 1.1300 with sellers poised at 1.1380 and 1.1400 with USDCHF bids at 1.0060 and 1.0020 and sellers around 1.0100 still then 1.0130 and 1.0150. Still happy to trade both sides of the price action at the moment but preferring the dip buys.

    AUDUSD has turned lower on the USD demand and AUDJPY supply and now posted lows of 0.7188.Immediate bids/support still at 0.7180 and 0.7150 with sellers now poised at 0.7220 then 0.7240-50. USDCAD has duly rallied again to post 1.3216 on the Greenback grabbing. Bids now around 1.3180 then 1.3160, 1.3120 and 1.3100 with sellers poised around 1.3220 and 1.3250 still.

    Fickle Forex markets ever prevailing so get your orders in to take full advantage of these moves.

    On Saturday the currently not so mighty Shrimpers of Southend began this year's FA Cup journey at the hallowed Hall and turned in another Jekyll & Hyde display failing to capitalise fully on some first half possession then failing to turn up for the second 45 minutes and conceding yet another late goal.....

    Congrats to England's cricketers who duly completed a convincing win in the First Test v Sri Lanka and to England's rugby union boys for running the All Black so close.Hopefully a good indication of progress being made into the WC next year.

    Have a good week out there one and all

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.00 GMT

    GBPUSD 1.2862

    EURUSD 1.1258

    EURGBP 0.8754

    GBPEUR 1.1423

    USDJPY 114.13

    USDCAD 1.3203

    USDCHF 1.0094

    GBPAUD 1.7868

    GBPCAD 1.6977

    GBPCHF 1.2980

    GBPHKD 9.9720

    EURHKD 8.7297


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