• Pound in focus again as a journey into the unknown begins

    So, today around 19.00 GMT we have the "Meaningful Vote" on May's Brexit proposal. Plenty of evidence to suggest she'll lose it but the Commons will be debating various amendments prior and so we'll never say never, as always in these fickle times and markets. As I said yesterday the truth of the matter right now is that there is no certain outcome to any of it, win or lose, and the various scenarios/speculation will continue to play out over the next days/weeks.

    Pound traders are in for a busy time but as I reminded followers in a tweet yesterday, try and forget all the hot air. Some of the news will be GBP positive and some negative. No Brexit may be regarded as positive but the political fall out and civil unrest that will accompany it will leave investors still hedging their bets. Some of you may think I'm being stubborn here, being a long time GBP bear, but I really don't see any firm reason to change my view yet. Bear or bull just pick your entry/exit levels and let the algos do the knee-jerk work. Ours is not to reason why, ours is just to sell and buy.

    GBPUSD is now finding dip buyers into 1.2850 and sellers around the 1.2920 area I mentioned yesterday.

    EURGBP has a few bids still building at 0.8875-80 (GBPEUR sellers 1.1265) for the moment. I remain GBP bearish overall and happy to jump on rallies then buy back in the dips.

    EURUSD continues to find some dip demand into 1.1450 but similarly still struggling to get back above 1.1500. while USDJPY duly found support into 108.00 again and has rallied to post 108.75 on some general USD demand but continues to trade tightly. USDCHF remains tightly bound with EURCHF finding some dip-demand into 1.1230 as expected but equally rally sellers too.

    AUDUSD has also been contained in a 0.7180-7220 range and I don't see that changing much anytime soon while

    USDCAD has fallen back to test 1.3250 having failed above 1.3280 again 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.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.23 GMT

    GBPUSD 1.2874

    EURUSD 1.1461

    EURGBP 0.8903

    GBPEUR 1.1232

    GBPAUD 1.7864

    GBPCAD 1.7078

    GBPHKD 9.9788

    USDJPY 108.65

    EURJPY 124.51

    GBPJPY 139.85

    AUDUSD 0.7212

    EURCHF 1.1266

    USDCAD 1.3259

    USDCHF 0.9832

    EURHKD 8.8844


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