• Pound in demand on fading Brexit hopes and stronger data combo

    The Pound has caught a bid and looks underpinned again for the moment as the threat of delayed or No Brexit becomes ever more a reality amid the current turmoil/debacle being played out by May vs Parliament. I have warned of this potential end-game devised by May/EU previously and have expressed caution to GBP bears but equally I have warned of the GBP negative in terms of political fall-out and civil unrest should that all come to pass.

    However,yesterday's better than expected UK wages/jobs data markets gave bulls/algos the additional ammunition needed to put a line under GBP pairs, for the moment at least.Equities and oil are generally softer again as European trading gets underway and we've seen some more risk-off plays in these ever-fickle and mood-swing times.

    GBPUSD held the support line/bids at 1.2850 and rallied ahead of the UK data only to pause and retreat before rallying again and this morning we've seen 1.2987 as the GBP demand continues tempered only by a little GBPJPY and GBPCHF risk-off supply.EURGBP has fallen through decent lines at 0.8800 and 0.8780 to post lows of 0.8749 (GBPEUR up to 1.1435) exacerbated by some EURUSD supply too. The usual month-end EURGBP demand should at least help stem further falls for the moment

    I remain GBP bearish and happy to jump on rallies then job back in the dips as I still see the greater risk to the downside until proven different but definitely respecting the current GBP demand.

    EURUSD fell to test 1.1330 but rallied to 1.1372 before running into sellers again and now tightly bound with EURJPY snd EURCHF in play too. USDJPY broke down through 109.30 support lines/bids to post 109.16 before a rally to test 109.80 with the BOJ leaving rates and policy on hold and producing the same ol' rhetoric.

    USDCHF remains underpinned with the SNB ever-watchful but equally still finding rally sellers too also helped by some safe-haven CHF demand overall while AUDUSD also continues to trade tightly but looks fragile still. USDCAD has retreated to 1.3320 as I type having failed around 1.3360 as the Canadian $ picks up a few buyers again.

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

    I wish you good day ahead.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.28 GMT

    GBPUSD 1.2974

    EURUSD 1.1361

    EURGBP 0.8754

    GBPEUR 1.1422

    USDJPY 109.58

    EURJPY 124.52

    GBPJPY 142.22

    AUDUSD 0.7134

    EURCHF 1.1336

    USDCAD 1.3327

    USDCHF 0.9976

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