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  • Writer's pictureMike Paterson

Deja vu for the Pound in a roller coaster ride

After the Barnier-led GBP rally we saw the now familiar retrace

for the Pound but it remains underpinned for the moment albeit with sellers poised as I warned yesterday.

GBPUSD fell back to 1.2966 from those 1.3088 highs only to claw its way back up to 1.3040 with support coming in at 1.2980 then 1.3000.Sellers poised around 1.3050 then 1.3080 and 1.3100 still. Immediate demand now around 1.3020 then into 1.3000, 1.2980 and 1.2960. Good two-way action being seen for both sellers and buyers but I prefer to take advantage of the rallies still.Brexit is still a long way from being sorted and it's not the only game in town for the UK. May's tenure as PM is under renewed/ongoing pressure too.

EURGBP has remained on the back foot but still unable to break down through 0.8880 with any conviction despite a quick attempt yesterday from 0.8910. Sellers still poised between 0.8910-20 as I said yesterday then 0.8930 and 0.8950 with larger between 0.8980-00.Immediate demand around 0.8880 still then 0.8850, 0.8820 and 0.8800

EURUSD remains tightly bound but we've seen some general Euro supply too.Some immediate demand now around 1.1580 then 1.1560 and 1.1530, with sellers around 1.1620,  then 1.1650-60, 1.1680 and 1.1700 still.

USDJPY continues to find both buyers and sellers too with demand into 111.30 and 111.00 again and sellers from 111.65-80. Jury remains out on USDCHF too for the moment  with EURCHF finding a few sellers again. Dip demand still expected but sell interest remains poised now into 1.1320 and 1.1360 with USDCHF sell interest still at 0.9760 and 0.9780

AUDUSD continues to look vulnerable but has found the expected dip demand into 0.7080. Some sell interest still around 0.7130 then 0.7160-65 and 0.7180 still. Buyers around 0.7100 then 0.7080-85 and 0.7050. USDCAD has fallen again to post lows of 1.3043 . Buyers now into 1.3030 and 1.3000 then 1.2980 which remains pivotal.Sellers around 1.3080 then 1.3100 and 1.3120

Fickle Forex markets ever prevailing, so get your orders in to take full advantage of these moves. The on-going rollercoaster ride for the Pound being a classic example once again.

Wonderful scenes and outcome at The Oval where England's all-time highest English run scorer Alastair Cook signed off his Test career and Jimmy duly got his victim late in the day to become the record fast-bowling wicket taker.Was quite an occasion and a fitting one to end what has been a glorious summer.

Have a good day out there one and all.

Interbank Rate 08.47 BST GBPUSD   1.3029 EURUSD   1.1601 EURGBP   0.8901 GBPEUR   1.1237 USDJPY   111.45 USDCAD   1.3055 USDCHF   0.9742 GBPAUD   1.8320 GBPCAD   1.7014 GBPCHF   1.2696 GBPZAR   19.6387 GBPHKD   10.1022 EURHKD   8.9901

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