• Consolidation time again as jury remains out on risk

    We've seen the Pound find some dip support again this morning as Brexit talks continue after a decent drop yesterday and the Chinese trade delegation arriving in numbers has also led to some risk-on reaction. Issues ongoing in Turkey/Syria and elsewhere though so all in the mix still and the jury remains well and truly out as we continue to trade in tight ranges.

    GBPUSD duly found support around recent lows at 1.2200 helped by some GBPJPY risk-on demand and currently breaking up through 1.2250 eeee 1.2280 in a rush as I type helped by a Times report that the EU is allegedly prepared to make some backstop concessions in a final bid to reach a deal.EURGBP has remained underpinned on the generally softer Pound and we've now been up to 0.8987 (GBPEUR down to 1.1127) before this morning's GBP rebound. GBPJPY has seen good two-way business again with a failure at 131.80 resulting in another retreat helped by a softer Pound/risk combo yesterday and breaking down to post 130.45 before also rebounding this morning.

    I will continue to rally-sell GBP as my preferred strategy overall too amid the ongoing uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.Rinse and repeat.Still no reason to change my view any time soon as the current madness plays out but caution as ever is appropriate.

    EURUSD failed to break 1.1000 yet again and that continues to be a decent line in the sand and the pair retreated again to test 1.0950 this time before rebounding to 1.0990 as I type.USDJPY yesterday fell further on the softer risk tones and we broke down through 107.00 to test the next layer of bids at 106.80 before rebounding to look at 107.30 where we've now capped three times.USDCHF duly found some dip demand at 0.9900 again and EURCHF too at 1.0860 but rally sellers will remain poised as EURUSD tests 1.1000 and softer risk sentiment overall.

    AUDUSD remains on the back foot and has posted fresh recent lows of 0.6723 helped by some AUDJPY supply yesterday before reversing but unable to get back above 0.6750 as I type. USDCAD has held around 1.3300 but still unable to break above 1.3350.

    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 08.20 BST

    GBPUSD 1.2218

    EURGBP 0.8980

    EURUSD 1.0977

    GBPEUR 1.1134

    GBPAUD 1.8128

    GBPCAD 1.6265

    GBPJPY 130.95

    USDJPY 107.12

    EURJPY 117.64

    EURCHF 1.0894

    AUDUSD 0.6744

    USDCAD 1.3304

    USDCHF 0.9922


official partner advert

Proud supporter of


Call us today: +44 (0) 1732 700 383

Email : info@mspfx.co.uk

Bringing You The Best Value Currency Deals

Raising the Standard in Foreign Currency Exchange & International Money Transfers

Office hours : Monday to Friday - 8am till 6pm

The MSP Update

Photo crop (passport)

Welcome to my blog

Daily market commentary from
Mike Paterson

The MSP Update is an essential tool for personal and business clients who want to be kept informed on a daily basis. If you would like to discuss your requirements then give us a call and talk to one our experienced team..

Call today +44 (0) 1732 700 383

Find out how much you could save today

Don’t let the banks or your existing foreign currency broker cash in with poor exchange rates and extortionate fees, Whether you are making a small or large, one-off or regular money transfer , MSP FX will offer the best rates for your individual foreign currency requirements and assist you in transacting at the most opportune moment possible given your timeframe. MSP Foreign Exchange Services offers complete security of funds by executing trades only through preferred FSA and HMRC regulated providers. For more information call us today and find out how MSP FX can help you.


You are viewing the text version of this site.

To view the full version please install the Adobe Flash Player and ensure your web browser has JavaScript enabled.

Need help? check the requirements page.

Get Flash Player