Fragile risk still prevailing
Monday 22 July 2019
We're still seeing fragile risk sentiment helping to cap core pairs across the board as a new week begins as I've been warning/advising for a long time now.
GBPUSD failed between 1.2520-30 again and remains on the back foot this morning at 1.2475 amid the Tory leadership outcome tomorrow and subsequent Brexit/political debacle.EURGBP retreat found support into those 0.8955 bids I highlighted but equally can't get back through 0.9000.GBPJPY remains soft still helped by USDJPY finding rally sellers again and fragile risk prevailing.
I remain GBP bearish overall still and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout.
EURUSD has found expected dip support again around 1.1200 but similarly still finding rally sellers too as we continue to range tightly amid much cross-currency play. USDJPY had a look above 108.00 earlier but fell again on the fragile risk abut finding bids into 107.60 again where we initially held last week.USDCHF has also failed at 0.9850 but seen dip demand into 0.9800 again still capped by EURCHF supply but with the SNB always going to be vigilant as we continue to look soggy and CHF demand prevails.
AUDUSD remains underpinned around 0.7030 but equally rallies also being sold while USDCAD remains tightly bound but on the back foot still.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
Have a good day/week out there one and all.
Interbank Rate 08.40 BST