• Pound underpinned as Brexit options play out

    Equities and oil are generally higher as European trading gets underway and we've seen some risk-on sentiment prevail with JPY and CHF sellers notable in these ever-fickle and mood-swing times. Meanwhile the Pound continues to find a bid in the aftermath of the No Confidence motion win by May, helped by GBPJPY and GBPCHF demand but much uncertainty remains.

    I've been warning about caution being required on the Pound atm and I tweeted a few times yesterday that GBP looked underpinned even though I was still jobbing from the short side to good effect (old habits die hard!). GBPUSD duly rallied but held the key 1.2920 area until after London markets had closed but it wasn't long before the ongoing demand saw 1.2950 cleared and then posted highs of 1.2996 before the large offers at 1.3000 that I've been highlighting did their job.

    EURGBP has posted lows of 0.8765 (GBPEUR up to 1.1410) but since bounced to post 0.8808 (1.1343) as I type.

    I still remain GBP bearish overall and happy to jump on rallies then job back in the dips as I still see the greater risk to the downside.I repeat,again, that the current developments and price action should rightly make those with GBP exposure cautious still as there is still much uncertainty and story to unravel yet.

    EURUSD remains a little fragile but dip demand noted again around 1.1380 while USDJPY has been underpinned by risk-on JPY selling and duly broken up through 109.00 to post highs of 109.56 so far.USDCHF remains underpinned on the risk-on sentiment and SNB support factor with EURCHF finding dip-demand now at 1.1280 and 1.1300 but equally rally sellers still lurking.

    AUDUSD held around 0.7150 with the help of some good dip demand and we've been back up to look at 0.7200-10 only to retreat with sellers still lurking. Aussie $ remains fragile with China/USDCNH still casting its shadow.USDCAD has retreated further to test bids/support around 1.3250 with CADJPY demand notable and oil prices firming.

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

    Tomorrow the currently indifferent Shrimpers of Southend travel north to Bradford (without me this time) in search of at least a morale-boosting away draw after last week's dismal display. I'll be cheering on from somewhere on the South Coast.

    Have a great week-end one and all wherever yours takes you.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.28 GMT

    GBPUSD 1.2944

    EURUSD 1.1387

    EURGBP 0.8802

    GBPEUR 1.1359

    USDJPY 109.45

    EURJPY 124.68

    GBPJPY 141.64

    AUDUSD 0.7180

    EURCHF 1.1326

    USDCAD 1.3275

    USDCHF 0.9942

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