• Pound under pressure as MPs prepare to vote yet again

    It's March 29th the day when the UK was due to Leave the EU but instead we have another vote as May once again brings her deal back to parliament but this time split in two. Today's vote is legally binding but will only deal with the divorce terms not the future relationship.

    I haven't the time to spell out all the scenarios but the BBC has a good overview here https://www.bbc.co.uk/news/uk-politics-47742395

    GBPUSD has understandably come under renewed pressure amid all the uncertainty and pushed down further by the usual BUBA month-end demand. This morning has seen a push down to test the strong demand/support at 1.3000 that I've mentioned all week and rebounded quickly to test pivotal resistance now between 1.3050-60. Today's vote is unlikely to add any comfort with May expected to lose yet again but it could be closer than before.

    EURGBP has posted highs of 0.8630 (GBPEUR down to 1.1587) on a combination of the softer Pound and the usual month-end BUBA demand.I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips. I do not ever go long GBP as I see risk to the downside still and that is currently playing out yet again but I continue to see good two-way business as the Brexit chaos takes fresh twists and turns.

    EURUSD remains under pressure as I've been warning and now broken down through 1.1230 but with the Euro's usual dip-demand prevailing for the moment along with a mixed bag of EUR-cross plays. Good size support next at 1.1200 with large option expiries there today.Some month-end USDJPY demand has seen the pair up to 110.93 but we've seen demand at 110.50 which now appears pivotal.

    USDCHF has found itself underpinned still but tightly bound as EURUSD remains pressured but tempered by EURCHF falls albeit with dip demand as the SNB remain ever-watchful. AUDUSD has found itself ranging again and the jury remains out as we end another week while USDCAD also continues to range, and after failing to hold below 1.3400 but also above 1.3450 we've been back down to 1.3420.

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

    Tomorrow the struggling Shrimpers of Southend return to the hallowed Hall in a desperate bid to grab a point or hopefully three with caretaker-manager Ricky Duncan in charge. Support will be there from fans equally desperate for us to avoid the drop. Come on you mighty Shrimpers.

    Have a good day and week-end out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.40 GMT

    GBPUSD 1.3030

    EURUSD 1.1225

    EURGBP 0.8624

    GBPEUR 1.1595

    GBPAUD 1.8371

    GBPCAD 1.7482

    GBPZAR 18.9185

    GBPHKD 10.1022

    USDJPY 110.81

    USDZAR 14.5200

    EURJPY 124.36

    GBPJPY 144.32

    AUDUSD 0.7090

    EURCHF 1.1175

    EURHKD 8.7125

    USDCAD 1.3423

    USDCHF 0.9956


official partner advert

Proud supporter of


Call us today: +44 (0) 1732 700 383

Email : info@mspfx.co.uk

Bringing You The Best Value Currency Deals

Raising the Standard in Foreign Currency Exchange & International Money Transfers

Office hours : Monday to Friday - 8am till 6pm

The MSP Update

Photo crop (passport)

Welcome to my blog

Daily market commentary from
Mike Paterson

The MSP Update is an essential tool for personal and business clients who want to be kept informed on a daily basis. If you would like to discuss your requirements then give us a call and talk to one our experienced team..

Call today +44 (0) 1732 700 383

Find out how much you could save today

Don’t let the banks or your existing foreign currency broker cash in with poor exchange rates and extortionate fees, Whether you are making a small or large, one-off or regular money transfer , MSP FX will offer the best rates for your individual foreign currency requirements and assist you in transacting at the most opportune moment possible given your timeframe. MSP Foreign Exchange Services offers complete security of funds by executing trades only through preferred FSA and HMRC regulated providers. For more information call us today and find out how MSP FX can help you.


You are viewing the text version of this site.

To view the full version please install the Adobe Flash Player and ensure your web browser has JavaScript enabled.

Need help? check the requirements page.

Get Flash Player