• Pound rallies amid better risk sentiment

    I warned yesterday on Twitter of dip buyers building on GBP pairs and that has been the case since that early morning sell-off and now given a further boost by UK Services PMI data but sellers still poised.We've seen risk-on sentiment prevail again but it all remains very fragile/fickle.

    GBPUSD has been up to 1.3070 on that better data but back down below 1.3050 now. EURGBP duly fell yesterday on some 0.8500 option interest I warned here and tweeted about and helped support GBPUSD too.GBPJPY has been up to 143.39 amid the GBP demand and better risk sentiment.

    I stay poised to sell GBP rallies and buy back in the dips as ever.Still ranging overall. Rinse n repeat.

    EURUSD remains tightly bound amid the cross currency plays and option expiries. Today we have decent interest between 1.1050-85. USDJPY has rallied well again on the better risk/USD demand and posted 109.72. Sellers poised but underpinned again for the moment.EURJPY also underpinned to post 121.16 but also running into sellers.

    USDCHF has found support at 0.9680 helped by EURCHF demand too amid the better risk.

    AUDUSD has rallied well again helped by some AUDJPY demand to post 0.6774 while USDCAD has failed to hold above 1.3300 again with some CADJPY demand still helping to cap.

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

    Don't forget that I offer 1-2-1 mentoring if there's areas of trading these tight ranges, or how to make best use of the order boards and expiries, that you might need some further help with.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank rates: 09.50 GMT

    GBPUSD 1.3058

    EURUSD 1.1027

    EURGBP 0.8445

    GBPEUR 1.1838

    GBPAUD 1.9282

    GBPCAD 1.7321

    GBPJPY 143.21

    GBPZAR 19.2053

    GBPHKD 10.1239

    USDJPY 109.68

    USDZAR 14.7074

    EURJPY 120.95

    EURCHF 1.0726

    EURHKD 8.5520

    AUDUSD 0.6770

    USDCAD 1.3269

    USDCHF 0.9727


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