• Pound in a whirl still and risk sentiment improves

    Last night MPs vote against a No-Deal Brexit albeit not legally binding at this point (under existing law the UK could still leave without a deal on 29 March unless an extension is agreed with the EU). and with growing belief that the UK is heading toward extending Article 50 (a vote on that takes place this evening) or indeed no Brexit at all. If the Article 50 process is to be extended the EU27 must then unanimously agree. As I keep saying we are a long way from any finishing line and markets are understandably cautious and fragile.

    Elsewhere away from the Brexit madness we've seen some decent risk-on sentiment return as equities and oil stage a decent rally. US-China trade talks are still ongoing with posturing from both sides but markets looking for feel-good factors where they can find them, and interest rates aren't going up anywhere anytime soon.

    Since last night's votes we've seen GBPUSD down to 1.3205 then up to 1.3382 before retreating to 1.3240 only to bounce back to 1.3340 this morning before falling again as I type to 1.3260 as the roller coaster ride continues. Keep up at the back!!.EURGBP has fallen back to test previous lows on the week of 0.8475 (GBPEUR up to 1.1790) after capping around 0.8600 ( GBPEUR down to 1.1623) in its own roller-caster ride.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips (I'm consistent on that one at least) but I continue to see good two-way business amid all this Brexit/No Brexit madness.For me still the political fall-out will do much to negate positive No Brexit vibes. Time will tell.

    EURUSD duly found good sell interest at 1.1300 into option expiry time but has since rallied to 1.1338 helped by some EURJPY and EURCHF demand to counter the EURGBP selling. USDJPY is still tightly bound but found a bid helped by better risk sentiment and GBPJPY demand amid the Pound rally and has now cleared those 111.50 offers to post 111.71.USDCHF also remains underpinned amid the steady EURUSD and EURCHF but ranging tightly still.

    AUDUSD is also tightly bound still and duly failed at 0.7100 with support still around 0.7050 while

    USDCAD has retreated even further on firmer oil prices with CAD/JPY demand still helping to put a bid into the Canadian% as I've warned over the past few days.

    Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always. I'll be around for this evening's Brexit vote again if anyone has any questions/levels for me to monitor.

    Have a good day one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.28 GMT

    GBPUSD 1.3317

    EURUSD 1.1327

    EURGBP 0.8503

    GBPEUR 1.1757

    GBPAUD 1.8849

    GBPCAD 1.7730

    GBPZAR 19.1584

    GBPHKD 10.3115

    USDJPY 111.68

    USDZAR 14.4304

    EURJPY 126.51

    GBPJPY 148.75

    AUDUSD 0.7066

    EURCHF 1.1372

    EURHKD 8.7705

    USDCAD 1.3309

    USDCHF 1.0037


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