• Pound under pressure still as a crucial week looms

    Morning all ! FYI from today this update will revert 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.

    Right, that's the housekeeping out the way so what's been going on? Well, all the risk factors that I've been mentioning are still in play and risk sentiment is still fragile amid a generally lower Greenback and Pound.

    GBPUSD, and indeed all GBP pairs, face a lively week with the key Brexit vote in parliament still currently in play for tomorrow and a government defeat largely factored in. May has been busy on the phone all week-end to various EU big-wigs amid some more negative w-e press as the aftermath uncertainty plays out.

    GBPUSD opened lower in Asia at 1.2693 but has since been back up to 1.2760 before retreating again.as Brexit and risk-sentiment generally continue to impact.EURGBP remains underpinned and has nudged its way higher still to post 0.8988 (GBPEUR down to 1.1124) as the GBP selling continues. A raft of UK data today at 09.30 GMT can be thrown into the mix, including latest trade and GDP, and we should see some algo-led action at least. I remain GBP bearish overall.

    EURUSD has seen decent gains on the general US$ selling and shrugging off the French riot situation to post 1.1443 while USDJPY has fallen again to 112.24 before finding some dip demand once more.USDCHF has also fallen and now broken down through 0.9900 to post 0.9871 as EURCHF still finds a few dip buyers and EURUSD rallies strongly. Sellers remain poised on both even if the SNB will still look to "smooth" the declines.

    AUDUSD remains on the back foot and now posted new recent lows of 0.7171 but has since recovered a little poise to post 0.7227 while USDCAD has retreated further amid the US$ selling and firmer oil prices.

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

    On Saturday the mighty Shrimpers of Southend United FC travelled to historic Portsmouth,as did I, but sadly threw the game away in the first 25 minutes. Better performance though from the snooker legend that is Ronnie O' Sullivan to take a record 7th UK title. Surely must be a fave for BBC Sports Personality of the Year Award if there's any justice, along with Hamilton.

    Have a good week out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.45

    GBPUSD 1.2723

    EURUSD 1.1428

    EURGBP 0.8982

    GBPEUR 1.1132

    USDJPY 112.62

    USDCAD 1.3308

    USDCHF 0.9884

    GBPAUD 1.7627

    GBPCAD 1.6934

    GBPCHF 1.2578

    GBPHKD 9.8672

    EURHKD 8.8639


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