• The song remains the same

    We're still seeing some positive risk sentiment prevail but it's all very fragile out there still. Meanwhile Brexit continues to dominate with indicative votes from MPs in the pipeline today after May lost control of the process to parliament and the UK stays firmly in an utter mess.

    GBPUSD has been ranging wonderfully as per my update levels and strategy with repeat journeys on the 1.3160-1.3250 bus while EURGBP has been on the back foot with the Euro still having wobbles of its own and German bund yields falling. Usual month-end demand to be expected from here and that should limit further dips even if it doesn't drive the pair higher given the Euro softness and variable Pound.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips 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 has now fallen through 1.1280 support to test the next decent tranche/level at 1.1250. USDJPY has rallied through 110.30-50 resistance to post 110.72 with the better risk sentiment helping to weaken the Yen generally.

    USDCHF has found itself underpinned still as EURUSD falls and EURCHF finds some dip demand with the SNB ever-watchful while AUDUSD retreated from the 0.7150 resistance after the RBNZ kept rates on hold but with dovish tones and that will only add pressure for the RBA to ease too. Soggy Chinese data also not helping the Aussie$.

    USDCAD continues to range and after failing above 1.3420 and retreating to look post 1.3373 helped by more CADJPY demand on the improved risk sentiment.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.45 GMT

    GBPUSD 1.3173

    EURUSD 1.1249

    EURGBP 0.8540

    GBPEUR 1.1709

    GBPAUD 1.8569

    GBPCAD 1.7656

    GBPZAR 19.0677

    GBPHKD 10.2130

    USDJPY 110.58

    USDZAR 14.4442

    EURJPY 124.42

    GBPJPY 145.73

    AUDUSD 0.7094

    EURCHF 1.1207

    EURHKD 8.7223

    USDCAD 1.3400

    USDCHF 0.9961


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