• Pound underpinned but jury out still

    It's been another roller coaster 24 hours for the Pound as the Brexit shambles unveils further but with the DUP casting doubts and EU summit beginning today there's good two-way business still for Pound pairs as the jury waits on facts rather than conjecture.More headlines a-plenty to come across the airwaves today and tomorrow but GBP looks underpinned still for the moment with various outcomes tending toward the bullish as far as the algos are concerned.

    Elsewhere the US-China trade talks continue to make headlines but with yesterday's risk-off sentiment fading a little and Turkey's foray into Kurdish territory still in the picture.

    GBPUSD continues to provide good two-way pips regardless of your bias and caution still needed both sides of the coin. We've seen a spike above 1.2860 and a retreat to 1.2748 as markets/algos continue their Brexit headline feeding frenzy.

    EURGBP has also enjoyed the return trip once again and presenting 2-way pips but now capping at 0.8700 (GBPEUR support 1.1530) after lows of 0.8618 (GBPEUR 1.1602).GBPJPY continues to see good two-way business but still underpinned and and now posted fresh recent highs of 139.65 with support coming in around 138.50-60 amid the varying GBP/risk sentiment combo.

    I will continue to rally-sell GBP as my preferred strategy overall too amid the ongoing Brexit uncertainty but always happy to buy back in the dips still.Yes the current hope/optimism still has to be respected as the madness plays out but I repeat that this could still have a number of outcomes and remains pure guesswork/conspiracy theory. Equal case for GBP longs still despite the sharp rally in the past week but risk reward fades the higher we go.

    EURUSD remains underpinned helped some risk-on EURJPY demand and inherent EURCHF support to temper the EURGBP supply but we've failed into 1.1090 with large expiry interest there today. USDJPY still remains tightly bound too amid the variable USD and risk sentiment.USDCHF continues to find dip demand but tempered by EURUSD continuing to progress higher too albeit with EURCHF underpinned too.

    AUDUSD found support from some better jobs data and AUDJPY demand but failed into 0.6800 once more with large option expiry interest again there today as I've warned all week. Now more at 0.6790 and 0.6775 very much in play too. USDCAD held around 1.3180 again helped by some CADJPY supply but softer USD and firmer oil prices helping to cap into 1.3230 again.

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

    Don't forget I offer 1-2-1 mentoring if there's areas of trading this latest volatility, or how to make best use of the order boards and expiries that you might need some further help with.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.26 BST

    GBPUSD 1.2781

    EURGBP 0.8667

    EURUSD 1.1080

    GBPEUR 1.1534

    GBPAUD 1.8842

    GBPCAD 1.6870

    GBPJPY 139.02

    GBPZAR 18.9716

    GBPHKD 9.9091

    USDJPY 108.77

    USDZAR 14.8467

    EURJPY 120.51

    EURCHF 1.0992

    EURHKD 8.5912

    AUDUSD 0.6782

    USDCAD 1.3200

    USDCHF 0.9921

    Read more...

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  • Roller coaster Pound again as Brexit deal hopes rise and fall

    Yesterday saw an early test/failure of 1.2600 for GBPUSD and rallied strongly to test 1.2800 on reports of a deal being reached before some cold water being poured on it last night and this morning to retreat and post 1.2670. Conjecture still abounds on whether a deal can be sorted this week and even then we still have the UK Parliament/ Brexit extension unknowns too with a special sitting on Saturday too. Softer UK inflation data just out has helped cap the latest rally. Carney speaking at 22.00 GMT to throw in the mix later.

    Elsewhere the US-China trade talks continue to grab headlines with some risk-off sentiment prevailing on further spats and Turkey's foray into Kurdish territory is still rightly creating concern.

    GBPUSD continues to provide good two-way moves. Yesterday I took bought at 1.2620-25 as per my Tweet at the time,got caught a little on the sharp spike as I wasn't at my desk but similarly not tempted to sell either until we failed at 1.2800 but happy to take those back below 1.2700 this morning.EURGBP also enjoyed the return trip again and been up to look at 0.8700 (GBPEUR down to 1.1484) from 0.8624 (1.1596) only to retreat as I type to 0.8667. GBPJPY continues to see good two-way business and now posted fresh recent highs of 139.20 with support coming in around 137.60 amid the varying GBP/risk sentiment combo.

    I will continue to rally-sell GBP as my preferred strategy overall too amid the ongoing uncertainty/indecision but always happy to buy back in the dips still.Yes the current hope/optimism still has to be respected as the madness plays out but I repeat that this could still have a number of outcomes and remains pure guesswork/conspiracy theory.

    EURUSD remains underpinned helped by EURGBP support and some risk-on EURJPY demand but we've failed into 1.1060 offers again after holding around 1.1000 yesterday despite a quick break. Lots of option expiries in the mix today too.USDJPY also remains underpinned but tightly bound amid the variable USD and risk sentiment after failing above 108.85.USDCHF continues to find dip demand with EURCHF underpinned too as EURUSD continues to find support around 1.1000 given the SNB being ever vigilant.

    AUDUSD has broken down through decent support at 0.6750 to post 0.6726 helped by some risk-off AUDJPY supply amid the US-China trade talks fiasco. Large option expiry interest at 0.6750 today and 0.6800 once more (and tomorrow as I've been saying all week). USDCAD held above 1.3180 again helped by some CADJPY supply and soft oil prices still but failing into 1.3230 so far.

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

    Don't forget I offer 1-2-1 mentoring if there's areas of trading this latest volatility, or how to make best use of the order boards and expiries that you might need some further help with.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.45 BST

    GBPUSD 1.2698

    EURGBP 0.8733

    EURUSD 1.1037

    GBPEUR 1.1511

    GBPAUD 1.8873

    GBPCAD 1.6796

    GBPJPY 138.03

    USDJPY 108.64

    EURJPY 119.90

    EURCHF 1.1005

    AUDUSD 0.6733

    USDCAD 1.3220

    USDCHF 0.9972

    Read more...

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  • Pound demand again amid mixed EU messages

    Yesterday saw an early test lower for Pound pairs but failure of GBPUSD to break back down through the now pivotal 1.2500 area saw a full retracement and now we have further demand with Barnier comments first driving GBP higher then retreating. Conjecture abounds on whether a deal can be sorted this week and even then we still have the UK Parliament/ Brexit extension unknowns too with a special sitting on Saturday too.UK wages and jobs data in the mix this morning too at 08.30 GMT with Carney testifying to the TSC on the latest FSB report at 08.30 GMT too.

    Elsewhere the US-China trade talks continue to grab headlines but with no firm resolution and Turkey's foray into Kurdish territory is still creating concern and now brought US sanctions but risk sentiment unfazed for the moment.

    GBPUSD retreated to 1.2516 yesterday only to rally back to from whence it came and now been up to test 1.2700 then down to 1.2640 to provide good two-way pips regardless of your trading bias.EURGBP also enjoyed the return trip and now posted fresh recent lows of 0.8690 (GBPEUR up to 1.1507). GBPJPY continues to see good two-way business and now posted fresh recent highs of 137.60 before falling back to look at 137.00 support.

    I will continue to rally-sell GBP as my preferred strategy overall too amid the ongoing uncertainty/indecision but always happy to buy back in the dips still.Yes the current hope/optimism still has to be respected as the madness plays out but I repeat that this could still have a number of outcomes and remains pure guesswork/conspiracy theory.

    Update: The softer UK wages/jobs data gave the Pound a tiny knock as per my tweet but still looks resilient with more pressing Brexit focus and now BOE governor Carney testifying to lawmakers on the latest FSB report.

    EURUSD remains underpinned helped by EURGBP support and some risk-on EURJPY demand but we've failed into the 1.1050-60 offers again while holding 1.1000 on the retreat yet again.USDJPY also remains tightly bound amid the variable USD and risk sentiment.USDCHF continues to find dip demand with EURCHF underpinned too as EURUSD continues to find support around 1.1000.

    AUDUSD failed into 0.6800 once more with large option expiry interest again there today and Thursday and has fallen to 0.6763 ahead of good support at 0.6750.USDCAD held around 1.3180 helped by some CADJPY supply, firmer USD and softer oil prices but failing into 1.3250 so far.

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

    Don't forget I offer 1-2-1 mentoring if there's areas of trading this latest volatility that you might need some further help with.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.27 BST

    GBPUSD 1.2656

    EURGBP 0.8703

    EURUSD 1.1019

    GBPEUR 1.1488

    GBPAUD 1.8690

    GBPCAD 1.6753

    GBPJPY 137.28

    GBPZAR 17.7348

    GBPHKD 9.8122

    USDJPY 108.39

    USDZAR 14.8011

    EURJPY 119.45

    EURCHF 1.1007

    EURHKD 8.5412

    AUDUSD 0.6774

    USDCAD 1.3227

    USDCHF 0.9988

    Read more...

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  • Jury out on the Pound still as another crunch week begins

    Friday saw more buyers piing into the Pound on seemingly Brexit deal-positive vibes but with the EU and DUP expressing due caution over the weekend we've seen another reality check which rally sellers like me have been keen to take advantage of in Asia and early European trading. Today's Queen's Speech introducing new Tory government policy is merely a distraction and frankly pointless.

    Elsewhere we've seen some conciliatory tones in US-China trade talks but nothing the market wasn't expecting and that's given risk-off sentiment some renewed credence along with Turkey's foray into Kurdish territory still grabbing a few headlines. Holidays today in US and Canada will keep liquidity thin and therefore potential volatility higher.

    GBPUSD has retreated to 1.2556 from Friday's highs of 1.2665 and continues to provide good two-way business regardless of your needs.EURGBP has naturally found some support on the GBP retreat but tempered by EURUSD falling too amid the softer risk sentiment and currently back to 0.8772 from 0.8720 ( GBPEUR down to 1.1385 from 1.1465).GBPJPY has also enjoyed good two-way business but sellers remain ever poised in these fickle times.

    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.Still no reason to change my view any time soon overall and as I warned on Friday we've had many moments of optimism only to be deflated but yes the current hope/optimism still has to be respected as the madness plays out.This really could still have a number of outcomes and remains pure guesswork/conspiracy theory.

    EURUSD remains underpinned helped by some risk-on EURJPY demand on Friday but we've failed around the 1.1060 offers only to hold 1.1000 on the retreat yet again. USDJPY enjoyed Friday's risk-on sentiment to test strong sell interest/resistance at 108.50 but since retreated to 108.18 this morning on renewed risk off Yen demand.USDCHF continues to find dip demand with EURCHF underpinned too as EURUSD finds support around 1.1000 with the SNB ever vigilant.

    AUDUSD failed at 0.6800 with large option expiry interest there today and Thursday and has fallen to 0.6761 helped also by AUDJPY supply returning. USDCAD has broken down through 1.3200 but finding support into 1.3180 helped by CADJPY supply and softer oil prices.

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

    Don't forget I offer 1-2-1 mentoring if there's areas of trading this latest volatility that you might need some further help with.

    Soggy day indeed at Southend on Saturday as we lost 1-4 to another struggling team and we have to hope the new manager brings a bucket load of cash along with lashings of inspiration.

    Have a good day/week out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.45 BST

    GBPUSD 1.2565

    EURGBP 0.8775

    EURUSD 1.1018

    GBPEUR 1.1397

    GBPAUD 1.8562

    GBPCAD 1.6589

    GBPNZD 1.9665

    GBPJPY 135.91

    GBPZAR 18.5742

    GBPHKD 9.7416

    USDJPY 108.21

    USDZAR 14.7760

    EURJPY 119.21

    EURCHF 1.0984

    EURHKD 8.5476

    AUDUSD 0.6765

    USDCAD 1.3212

    USDCHF 0.9971

    Read more...

    0 comments

  • Pound rallies strongly on positive Brexit talks

    Yes folks, the roller coaster Brexit ride continues with yesterday seeing the Pound sharply higher on surprisingly positive tones to the Varadkar/Johnson talks. The devil as always is in the detail and this story is by no means over but for the moment there appears to be a level of optimism not seen in recent weeks. Certainly good enough for the algos to go into overdrive helped by a few stop- losses along the way. Today we wait on the outcome of talks between Barclay and Barnier now underway to see whether yesterday's initiatives have any legs.

    Elsewhere the US-China trade talks also show renewed hope of a deal being struck and we've seen some decent risk-on sentiment plays but once again we wait to see the detail. Turkey's foray into Kurdish territory rightly continues to grab headlines too just in case anyone thinks all is well with the world.

    GBPUSD was happily muddling around between 1.2230-80 then rallied to take out the pivotal 1.2330 I've been mentioning triggering stops and testing 1.2380. Cue more positive words from Varadkar and we saw the same rally/stop-loss pattern to post 1.2469 before stopping ahead of the large 1.2480-00 sell interest that I tweeted about.EURGBP has naturally fallen on the GBP demand and as EURUSD finds sellers around 1.1030 and we've now been down to test old support at 0.8830 (GBPEUR up to 1.1361) which we continue to hold as I type. GBPJPY has rallied strongly to 135.00 on the stronger Pound/risk sentiment combo also triggering a few stops along the way but sellers remain poised in these fickle times.

    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.

    It may sound like I'm being stubborn and yesterday's moves once again showed the merit of my advice to not get greedy and identify support as well as resistance levels. I have also been warning to be cautious lately with 1.2200 proving an ever bigger line in the sand for GBPUSD.Still no reason to change my view any time soon overall ( we've had many moments of optimism only to be deflated huh?) but yes the current optimism has to be respected as the madness plays out.

    EURUSD remains underpinned helped by some risk-on EURJPY demand but we've failed around the 1.1030 offers only to hold 1.1000 on the retreat with large option expiry interest in play again.USDJPY has enjoyed the risk-on sentiment to post 108.13 before running out of puff.USDCHF continues to find dip demand helped by risk-on plays and with EURCHF underpinned too as EURUSD finds support around 1.1000.

    AUDUSD has enjoyed the risk-on ride higher with AUDJPY demand helping to push through 0.6780 now and testing 0.6800. NZD traders should be aware of decent size option expiries at 0.6300 today. I prefer the rally sell strategy still overall on AUD while respecting current demand.

    USDCAD has broken down through 1.3280 helped by CADJPY demand but holding around 1.3270 as I type.

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

    Tomorrow the soggy Shrimpers return to the hallowed Hall still without a Manager and with the rumour mill in full cry. We'll hope for a turn around but realistically these are still sorry times for the Club.

    Bigger issues in the world right now though eh?

    Have a good day/weekend out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.12 BST

    GBPUSD 1.2453

    EURGBP 0.8845

    EURUSD 1.1019

    GBPEUR 1.1303

    GBPAUD 1.8357

    GBPCAD 1.6532

    GBPJPY 134.51

    GBPZAR 18.6670

    GBPHKD 9.6564

    USDJPY 107.95

    USDZAR 14.9455

    EURJPY 118.95

    EURCHF 1.0980

    EURHKD 8.5432

    AUDUSD 0.6787

    USDCAD 1.3270

    USDCHF 0.9965

    Read more...

    0 comments

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