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  • Mike Paterson

Brexit turmoil sends Pound lower again but it's not quite that simple

I returned to the UK last night after a short break to learn of the UK government resignation news which gave the Pound a kick lower only to recover some poise again. Markets currently have May's soft Brexit option as GBP positive and along with some key economic data due this morning, including a new monthly GDP reading, traders have been quick to cover some short positions.

GBPUSD was heading up through 1.3350 when the news broke, sending the pair down to 1.3188 in rapid time but we're back up testing 1.3300 as I type

Immediate support/buying interest now at 1.3220 then 1.3200 and 1.3180-85.Sellers poised around 1.3330, 1.3320. Keep selling the rallies and buy back in the dips with the Brexit and UK government turmoil never far from the headlines as I've been warning.EURGBP buyers round 0.8820-30, 0.8800 and 0.8785.Sellers now between  0.8880 then 0.8900

EURUSD remains underpinned helped by the EURGBP and EURJPY demand. Buyers around 1.1720 then larger into 1.1700 and 1.1680. Sellers initially around 1.1760 then 1.1780-00

USDJPY has found buyers around 110.80 but rally sellers remain poised. More buyers around 110.50-60 still then more interest bids around 110.30 and 110.00. Sellers around 111.20 still and 111.50. USDCHF has held 0.9900 again but still trading tightly again with EURCHF holding back above 1.1600 but with sellers still poised.

Aussie, NZ and Canadian $ have all found a few buyers again but ranging still. AUDUSD  has bids around 0.7450,0.7420 then 0.7400. Sellers now around 0.7480 and then 0.7500. USDCAD buyers at 1.3100 then 1.3080. Sellers around 1.3160, 1.3180 and 1.3200

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

England's amazing adventure continues and we continue to dream. Bring it home boys.

Have a good day out there one and all.

Interbank Rate 08.50 BST GBPUSD   1.3273 EURUSD   1.1744 EURGBP   0.8847 GBPEUR   1.1301 USDJPY   111.07 USDCAD   1.3129 USDCHF   0.9915 GBPAUD   1.7787 GBPCAD   1.7422 GBPCHF   1.3160 GBPZAR   17.7383 GBPHKD   10.2882 EURHKD   9.1038

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