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  • Writer's pictureMike Paterson

Another month done and markets none the wiser

Thursday 28 February 2019

The Brexit shambles continues (read that before somewhere?) and the Pound has duly found support on the belief that all will be ok and/or we have No Brexit. Meanwhile the world continues (I say again) to to turn on an equally fragile axis.

GBPUSD has been up to test 1.3350 after holding a dip back into 1.3250-60 all in the aftermath of last night's Parliament votes (Zzzzzzzzzzzz). EURGBP has been contained/underpinned by some month-end demand but since retreated again on the GBP buying and has fallen back to test 0.8530 support (GBPEUR resistance 1.1725).I remain GBP bearish overall and continue to rally-sell then buy the dips while respecting the current demand. Broken record? We'll see but I've also pointed out that equally there are plenty in favour of buying dips at the moment too so I continue to see good two-way business.

EURUSD is still ranging and going nowhere in real terms while USDJPY has duly retreated again after another test of 111.00 after finding support into the 110.30 support that I've been highlighting. USDCHF also continues in a tight range with EURCHF also still tightly bound.

AUDUSD has traded tightly again but capped now at 0.7180 while USDCAD continues to trade narrowly but risen again on softer oil price.

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

By the way, if you're having a rubbish day watch this film of my good friend Ben Coker and be inspired

Have a good day one and all.

Interbank Rate 08.24 GMT

GBPUSD   1.3289

EURUSD   1.1388

EURGBP   0.8570

GBPEUR   1.1667

GBPAUD   1.8600

GBPCAD   1.7493

GBPZAR   18.5854

GBPHKD   10.3115

USDJPY   110.74

EURJPY   126.12

GBPJPY   147.15

AUDUSD   0.7143

EURCHF   1.1349

USDCAD   1.3166

USDCHF   0.9965

EURHKD   8.8382

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