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  • Writer's pictureMike Paterson

All eyes on the UK as Brexit hogs the headlines again

Monday 29 January 2019

It's a big day in the ongoing Brexit debacle with a host of amendments being debated and voted on today in the House of Commons from around 11.30-19.00. Will Brexit be delayed/cancelled? Will May yet get her agreement through albeit amended? Does she really want to get it passed anyhow? Plenty of questions that will or will not be answered today and the Pound remains firmly in the spotlight.

GBPUSD remains tightly bound amid all the Brexit speculation and has been largely offering good two-way business in a range of 1.3130-80.EURGBP has found more dip demand with the usual month-end EURGBP buying in play now until 31 Jan. I remain bearish overall while definitely respecting the current GBP demand.As I said last week, timing is all and there's no need to stand in the way of a moving truck but there's still some downside risk with the market recently been assuming a positive-GBP Brexit outcome.

EURUSD has been finding dip buyers again and has now been back to test the offers/resistance at 1.1450 while USDJPY continues to be tightly bound but remains a little soft in a range now of 109.00-50.USDCHF also remains tightly bound with the SNB ever-watchful but equally still finding rally sellers as softer USD tones and CHF buyers continue to lurk.

AUDUSD has found some support on the retreat into 0.7130 where I highlighted demand yesterday and we've been back up to 0.7177.USDCAD held 1.3200 and has been back up to test the 1.3280 resistance/offers I highlighted yesterday on softer oil prices.

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

Have a good day one and all.

Interbank Rate 08.27 GMT GBPUSD   1.3158 EURUSD   1.1447 EURGBP   0.8695 GBPEUR   1.1500 GBPAUD   1.8360 GBPCAD   1.7457 GBPHKD   10.2006 USDJPY   109.30 EURJPY   125.12 GBPJPY   143.89 AUDUSD   0.7175 EURCHF   1.1357 USDCAD   1.3255 USDCHF   0.9920 EURHKD   8.8701

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