• 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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  • Pound steadies as May wins No-Confidence vote

    Yesterday PM May duly won a no-confidence vote, as was widely expected but nothing guaranteed of course, and the Pound has found a few buyers again as one uncertainty gets resolved. That's not to say that all is sorted but it does mean that her leadership can not be contested for another year. There still remains the risk of a no-confidence vote on the government if May fails to appease her opponents on the Brexit "deal"

    GBPUSD has now been back up to 1.2664 this morning as I type and looks underpinned for the moment but sellers, including me, will remain poised with Brexit still the main risk factor.

    EURGBP has come down to post 0.8987 (GBPEUR up to 1.1128) and generally the Pound has made gains too.

    EURUSD had another look below 1.1320 but held and now been back up to 1.1387 helped by some EURJPY and EURCHF demand on better risk sentiment to offset the EURGBP selling. USDJPY has tested 113.50 and still looks supported into 113.00 but sellerss still poised too. USDCHF has also risen to 0.9942 before also finding sellers EURCHF also supported but still capped above 1.1310. Sellers remain poised on both even if the SNB will still look to "smooth" the declines.

    AUDUSD seems to have support at 0.7200 also helped by some AUDJPY demand while USDCAD has found itself a tad lower and 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.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 07.45

    GBPUSD 1.2653

    EURUSD 1.1383

    EURGBP 0.8995

    GBPEUR 1.1116

    USDJPY 113.37

    USDCAD 1.3350

    USDCHF 0.9918

    GBPAUD 1.7473

    GBPCAD 1.6896

    GBPCHF 1.2555

    GBPHKD 9.8098

    EURHKD 8.8250

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  • More Pound woes as May faces No-Confidence vote. Greenback higher.

    So finally the Tory rebels make their play and later today PM May faces a no-confidence vote. It's been a long time coming but now they fancy their chances it seems. It's not just the delay in the vote on May's "deal" it's the total disarray the UK currently finds itself in which means investors are staying firmly away. I have been consistent in that at least for a long time now. Meanwhile the US$ finds a few "best of a bad bunch" buyers.

    We expected GBPUSD demand into 1.2500 and so it proved again before this morning's announcement on May saw a dip to 1.2477 where yesterday I highlighted further support/demand and we've been back up to 1.2550 before sellers, including me jumped back in.The Pound may find some buyers on potential No Brexit scenario but it brings with it huge political turmoil as I've warned for many months.

    EURGBP came down yesterday on some general Euro selling amid more chaos in France but since been back up to 0.9071 this morning before retreating back to test 0.9020-30 (GBPEUR 1.1022 to 1.1081)

    EURUSD has held 1.1300 again after failing at 1.1400 while USDJPY has risen again to post 113.52 before finding some sellers once more.USDCHF has also risen to 0.9938 before also finding sellers abut remains as EURCHF finds sellers again but remains underpinned as I've been warning despite EURCHF falling to 1.1236. Sellers remain poised on both even if the SNB will still look to "smooth" the declines.

    AUDUSD remains on the back foot while USDCAD has fpound itself torn between the US$ demand but firmer oil prices.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.20

    GBPUSD 1.2533

    EURUSD 1.1323

    EURGBP 0.9031

    GBPEUR 1.1068

    USDJPY 113.44

    USDCAD 1.3377

    USDCHF 0.9930

    GBPAUD 1.7390

    GBPCAD 1.6766

    GBPCHF 1.2447

    GBPHKD 9.7168

    EURHKD 8.7792

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  • Pound tumbles again after May postpones Brexit vote

    Just a housekeeping reminder that from yesterday this update is 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.

    Yesterday morning I reported on Twitter ( following me? @MSPFX and @MikePatersonFX) that rumours were circulating that May would postpone today's so called "Meaningful Vote" and the Pound started to fall. When the news actually came out in May's Commons statement at 15.30 GMT the algos once again took over and down further we came. This is what I wrote to my subscribers yesterday after the drop:

    "I tweeted about the potential delay on this vote this morning as reports circulated well before the actual announcement by May in parliament at 15.30 GMT and we had seen a move down through 1.2700 to look to 1.2680 which provided some good intra-days pips.

    But hey why stop there? You know my strategy for many many months now. Sell rallies, stay core short but don't get greedy so buy some back in the dips and resell subsequent rallies. Ok, so today I/you may have bought back some a little early but no trader got poor by taking profit on a regular basis.

    Staying core short means you always have something left in it and by using trailing stops and being prepared to sell again if no rally but the support breaks (this time 1.2680 and 1.2620). My mentoring services explain this in more detail.

    So once May got up to speak the algos led the way lower again, broke the back of a few longs and Cable at 1.2620 soon became 1.2520 and beyond. It's not just the delay in the vote on May's "deal" it's the total disarray the UK currently finds itself in. I have been consistent in that at least for not only months but years!

    We will have expected demand into 1.2500 and so it proved as I'm currently hearing decent bids there and 1.2475-80 with larger into 1.2450. Sellers now poised 1.2580, 1.2600,1.2620 and 1.2650. The rest in between is all noise.

    EURGBP duly failed into 0.9100 where I've been warning of decent sell interest and possible barrier option interest. Demand now building around 0.9030 and 0.9000."

    Well this morning we see that GBPUSD has still hung onto 1.2500 and now posting 1.2615 as I type as the dip demand I mentioned has prevailed but I still see sellers, including me, poised to strike.EURGBP remains underpinned but dropped back a little to post 0.9017 (GBPEUR upto to 1.1100) as the GBP dip demand plays out but I remain GBP bearish overall.

    EURUSD has has fallen back on the return of some general US$ demand and tested 1.1300 again while USDJPY has risen to post 113.37 before finding some sellers once more.USDCHF has also risen to 0.9912 before also finding sellers and now broken down through 0.9880 to post 0.9868 as EURCHF finds sellers again as EURCHF falls. Sellers remain poised on both even if the SNB will still look to "smooth" the declines.

    AUDUSD remains on the back foot while USDCAD has rallied again on the US$ demand and softer oil prices.

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

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.45

    GBPUSD 1.2610

    EURUSD 1.1379

    EURGBP 0.9023

    GBPEUR 1.1085

    USDJPY 113.04

    USDCAD 1.3411

    USDCHF 0.9873

    GBPAUD 1.7527

    GBPCAD 1.6909

    GBPCHF 1.2450

    GBPHKD 9.7765

    EURHKD 8.8197

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  • 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

    Read more...

    0 comments

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