• Pound in focus still as Brexit hogs the headlines

    It's all about Brexit as far as market headlines are concerned at the moment but the amount of hot air being uttered could launch a fleet of very large balloons. Key moments unfolding but as yet we're really none the wiser as to the outcome.

    GBPUSD had fallen to 1.2827 and was heading back up but stalling at 1.2880 when some positive headlines had the algos sending the pair sharply higher to post 1.2936 before falling back to 1.2840. Buyers were poised again though and currently back up to 1.2903 as I type as we wait on more headlines but hopefully less hot air. Immediate offers now around 1.2920 then 1.2940-50 and the pivotal 1.2980-00 area with more sellers poised behind that between 1.3030-50 again. Bids/demand building now at 1.2860 then 1.2830, 1.2800 and 1.2785 again 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 but caution advised on all the Brexit headline unknowns. UK wages and jobs data just out has had little impact.

    EURGBP has also understandably been on a Brexit roller-coaster ride of its own falling to 0.8710 (GBPEUR up to 1.1481) before rallying to 0.8758 (1.1418) then falling now again to 0.8708 as I type. Buyers still around 0.8700 then 0.8685 and 0.8650 with sellers at 0.8730, 0.8750, 0.8780, 0.8800 and 0.8830

    EURUSD has been down further to 1.1216 on continued US$ demand and ongoing concerns over Italy after failing into 1.1280 on yesterday's rally. Bids/support now at 1.1220 then 1.1200 and 1.1185 with sellers at 1.1260 and still poised around 1.1280 then 1.1300.

    USDJPY had another look down at 113.50 on yesterday's risk-off Yen demand before once again rallying above 114.00 where it still sits as I type. Immediate sell interest again between 114.20-30 then larger at the key 114.50 area with buyers poised at 113.90-00, 113.75 and 113.50-60 again then 113.20. I remain a rally seller buying back in the dips.

    USDCHF has also found support again but still tempered by some EURCHF supply down to 1.1327. Bids/support still around 1.1330 and 1.1300 with sellers poised at 1.1380 and 1.1400 again with USDCHF bids at 1.0080 and 1.0060 and sellers around 1.0120 then 1.0150. I'm still happy to trade both sides of the price action at the moment but preferring the dip buys.

    AUDUSD turned lower on the general USD demand and AUDJPY supply and posted lows of 0.7164 before rallying only to fail into the 0.7220 offers I highlighted again yesterday.Immediate bids/support now at 0.7170 and 0.7150 with sellers still poised at 0.7220 then 0.7240-50.Large option contracts rolling off today at 0.7200 should help contain range until expiry at 15.00 GMT. USDCAD has duly rallied again to now post 1.3250 on the general Greenback grabbing. Bids now around 1.3200, 1.3180 then 1.3160, 1.3120 and 1.3100 still with sellers poised around 1.3250 again then 1.3270 and 1.3300.

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

    Have a good day out there one and all

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.15 GMT

    GBPUSD 1.2880

    EURUSD 1.1231

    EURGBP 0.8718

    GBPEUR 1.1468

    USDJPY 114.09

    USDCAD 1.3233

    USDCHF 1.0124

    GBPAUD 1.7880

    GBPCAD 1.7045

    GBPCHF 1.3027

    GBPHKD 9.9858

    EURHKD 8.7075


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