• Pound making its mind up still. Fed now in focus.

    Further to the Brexit Withdrawal Day amendment vote we've seen the Pound find a few dip buyers as I warned here and in tweets. The net impact of those amendment votes still means all Brexit options are on the table and they come back on 13-14 Feb to reconsider as I mentioned. The EU may yet give some ground but making all the same negative poised for the moment.

    Meanwhile at 19.00 GMT this evening we get the latest US Fed interest rate decision/mon pol guidance. No hike expected, indeed I'm dubious about whether they will/will be able to hike at all this year. Markets will be looking for clues on balance sheet normalization and their reiteration of patience being key generally.

    GBPUSD remains tightly bound amid all the Brexit speculation and has found support into 1.3050 before bouncing back up to post 1.3107 as I type.EURGBP has found sellers into 0.8760 on the general GBP dip demand but the retreat should be limited with the usual month-end EURGBP demand in play. I remain GBP bearish overall while definitely respecting the current GBP demand and will continue to rally sell then take profit in the dips.

    EURUSD has failed to break through the offers/resistance at 1.1450 that I've been highlighting but similarly bids at 1.1420 holding too.USDJPY continues to be tightly bound but remains a little soft in a range still of 109.00-50 while USDCHF also remains tightly bound with the SNB ever-watchful and also getting some support from EURCHF demand as risk sentiment tones improve.

    AUDUSD has found support into 0.7150 and rallied on some better risk plays and CPI data and we've been back up to 0.7201 as I type.USDCAD is still struggling to break up through the 1.3280 resistance/offers I've been highlighting but equally finding the 1.3230 demand a decent base too.

    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 08.55 GMT

    GBPUSD 1.3095

    EURUSD 1.1431

    EURGBP 0.8720

    GBPEUR 1.1460

    GBPAUD 1.8221

    GBPCAD 1.7371

    GBPHKD 10.1564

    USDJPY 109.34

    EURJPY 124.97

    GBPJPY 142.89

    AUDUSD 0.7193

    EURCHF 1.1385

    USDCAD 1.3256

    USDCHF 0.9962

    EURHKD 8.8625

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