A quiet start to the week as month-end approaches
Monday 28 October 2019
Jury out on the Brexit/Pound outcome still with UK MPs and the EU both making plans today around a 31 Jan extension that's just been confirmed by the EU and possible General Election in December while elsewhere we've seen variable risk-sentiment again understandably amid the uncertain global backdrop but all ranging still.
GBPUSD is still unable to hold above 1.2860 but equally finding support for the moment into 1.2800.Caution still needed both sides of the coin as the next stage in the Brexit fiasco plays out. EURGBP also tightly bound as GBP makes it mind up and EURUSD also goes on a little dip/rally journey of its own again. Don't forget the usual month-end Euro demand in play this week which will add GBP supply into the food chain.GBPJPY also continues to see good two-way trading 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. I will repeat yet again that this could still have a number of outcomes and remains pure guesswork/conspiracy theory at this time. Still a decent case for GBP longs in the dips if this tight range continues to hold which still seems likely for the moment amid all the Brexit huff and puff.
EURUSD has had a look at 1.1075-80 support/bids but unable to claw its way above 1.1100 for the moment where we have large expiry interest today. USDJPY remains tightly bound yet again in a range of 108.50-80 amid the variable USD and risk sentiment.USDCHF remains underpinned above 0.9900 as EURUSD retreats with EURCHF still underpinned at 1.1000 albeit with sellers poised on both.
AUDUSD remains on the back foot but still finding support into 0.6800 while USDCAD remains on the back foot but also tightly bound still. Bids building now 1.3050-55 still with decent size option expiries today.
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.
A reminder that UK and European clocks both went back 1 hour over the week-end.
The currently very soggy Shrimpers duly went down 1-3 to the league leaders Ipswich albeit showing a little more spirit but what an awesome display by England's rugby union boys. Simply outstanding. Hard lines to Wales but bring on SA in the Final!
Have a good day/week out there one and all.
Interbank Rate 08.40 GMT