• Pound vulnerable still as May struggles to win EU backing

    Uk's May has been trying to get the EU to renegotiate her but in the wake of little substance being offered to them the situation still doesn't look good, judging by latest comments from Brussels.

    GBPUSD failed at 1.2689 and is currently testing 1.2600 support again as the jury remains out.Sellers, including me, have taken advantage of yesterday's rally but it looks like there'll be no Brexit deal vote until after Xmas so the uncertainty remains.

    EURGBP held 0.8950 but has since rallied to 0.9006 (GBPEUR down to 1.1103)amid a generally softer Pound despite the Euro finding some sellers of its own in the wake of a dovish ECB yesterday.

    EURUSD had a wobble to look at 1.1330 but is still tightly bound while USDJPY has now broken 113.50 only to run into more sellers but still supported into 113.00. USDCHF has also risen to 0.9962 amid some general USD demand before also finding sellers. EURCHF also tightly bound still. Sellers remain poised on both even if the SNB will still look to "smooth" the declines.

    AUDUSD has now broken down through support at 0.720 to post lows of 0.7173 as the Aussie $ remains on the back foot not helped by a potential soggy scenario in China. USDCAD making its mind up again with the Canadian $ still torn between the US$ and oil price fluctuations.

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

    Tomorrow the mighty Shrimpers of Southend United return to the hallowed Hall and a win is much-needed.We'll keep our fingers crossed we can pick up a few points over the Xmas campaign.

    Have a good week-end out there one and all wherever yours takes you.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.48

    GBPUSD 1.2621

    EURUSD 1.1350

    EURGBP 0.8993

    GBPEUR 1.1118

    USDJPY 113.57

    USDCAD 1.3386

    USDCHF 0.9941

    GBPAUD 1.7579

    GBPCAD 1.6894

    GBPCHF 1.2548

    GBPHKD 9.7843

    EURHKD 8.8004


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