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  • Writer's pictureMike Paterson

Consolidation time again as another week gets underway

After last week's fun and games we've seen US$ demand generally prevailing but failing to break into new ranges so far.

GBPUSD has held 1.3200 but couldn't break back above 1.3280-00 and currently in retreat this morning.Immediate support/buying again now into 1.3220 and 1.3200,then 1.3185 and 1.3150-60. Sellers into 1.3280 and 1.3300 then 1.3350 and 1.3380-00. Keep selling those rallies for the moment.

EURGBP has been down to test 0.872-30 support again (GBPEUR up to 1.1465) only to fail on a rally back into 0.8760 so far. More buyers poised at 0.8700 then 0.8680-05. Sellers still between 0.8750-60 again then 0.8780-00. Overall the Pound remains delicately poised with Brexit and UK government turmoil never far from the headlines.

EURUSD has consolidated after Thursday's tumble post-ECB but rallies still being sold helped by the general US$ buying. Some dip demand currently around 1.1550 then 1.1530 and 1.1480-00 with barrier option support expected again. Sellers around 1.1600-10 then 1.1630 and 1.1650.

USDJPY remains underpinned above 110.00 but once again failing to breach 111.00. Buyers now around 110.30 then 110.00 and 109.80 and 109.50. Sellers still between 110.80-00 with large interest also into a barrier option at 111.50. USDCHF also remains underpinned but rallies still failing to break 1.0000 with buying tempered by some EURCHF sell interest once again.

The Aussie, NZ and Canadian $ have all fallen amid the US$ demand.AUDUSD now has buyers at 0.7420 and 0.7400.Sellers at 0.7460 then 0.7480 and 0.7500. USDCAD buyers now around 1.3160 then 1.3130 and 1.3100. Sellers around 1.3200 then 1.3220 and 1.3250

Fickle and fragile markets prevailing still so get your orders in to take full advantage of the moves.

England kick off their World Cup campaign later today and we wait in high anticipation as ever.

Have a good week out there one and all.

Interbank Rate 08.50 BST GBPUSD   1.3235 EURUSD   1.1583 EURGBP   0.8752 GBPEUR   1.1425 USDJPY   110.51 USDCAD   1.3184 USDCHF   0.9973 GBPAUD   1.7789 GBPCAD   1.7450 GBPCHF   1.3200 GBPZAR   17.8085 GBPHKD   10.2611 EURHKD   8.9773

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