• Pound tumbles again after May postpones Brexit vote

    Just a housekeeping reminder that from yesterday this update is back to the basic essentials that my physical delivery FX clients require.The more detailed update that I have been writing for a few months now for speculative traders with my order levels and trading preferences will only be available to subscribers behind a pay-wall. Do let me know if you are interested to be added to that list and I will send you details.

    Yesterday morning I reported on Twitter ( following me? @MSPFX and @MikePatersonFX) that rumours were circulating that May would postpone today's so called "Meaningful Vote" and the Pound started to fall. When the news actually came out in May's Commons statement at 15.30 GMT the algos once again took over and down further we came. This is what I wrote to my subscribers yesterday after the drop:

    "I tweeted about the potential delay on this vote this morning as reports circulated well before the actual announcement by May in parliament at 15.30 GMT and we had seen a move down through 1.2700 to look to 1.2680 which provided some good intra-days pips.

    But hey why stop there? You know my strategy for many many months now. Sell rallies, stay core short but don't get greedy so buy some back in the dips and resell subsequent rallies. Ok, so today I/you may have bought back some a little early but no trader got poor by taking profit on a regular basis.

    Staying core short means you always have something left in it and by using trailing stops and being prepared to sell again if no rally but the support breaks (this time 1.2680 and 1.2620). My mentoring services explain this in more detail.

    So once May got up to speak the algos led the way lower again, broke the back of a few longs and Cable at 1.2620 soon became 1.2520 and beyond. It's not just the delay in the vote on May's "deal" it's the total disarray the UK currently finds itself in. I have been consistent in that at least for not only months but years!

    We will have expected demand into 1.2500 and so it proved as I'm currently hearing decent bids there and 1.2475-80 with larger into 1.2450. Sellers now poised 1.2580, 1.2600,1.2620 and 1.2650. The rest in between is all noise.

    EURGBP duly failed into 0.9100 where I've been warning of decent sell interest and possible barrier option interest. Demand now building around 0.9030 and 0.9000."

    Well this morning we see that GBPUSD has still hung onto 1.2500 and now posting 1.2615 as I type as the dip demand I mentioned has prevailed but I still see sellers, including me, poised to strike.EURGBP remains underpinned but dropped back a little to post 0.9017 (GBPEUR upto to 1.1100) as the GBP dip demand plays out but I remain GBP bearish overall.

    EURUSD has has fallen back on the return of some general US$ demand and tested 1.1300 again while USDJPY has risen to post 113.37 before finding some sellers once more.USDCHF has also risen to 0.9912 before also finding sellers and now broken down through 0.9880 to post 0.9868 as EURCHF finds sellers again as EURCHF falls. Sellers remain poised on both even if the SNB will still look to "smooth" the declines.

    AUDUSD remains on the back foot while USDCAD has rallied again on the US$ demand and softer oil prices.

    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 08.45

    GBPUSD 1.2610

    EURUSD 1.1379

    EURGBP 0.9023

    GBPEUR 1.1085

    USDJPY 113.04

    USDCAD 1.3411

    USDCHF 0.9873

    GBPAUD 1.7527

    GBPCAD 1.6909

    GBPCHF 1.2450

    GBPHKD 9.7765

    EURHKD 8.8197


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