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  • Mike Paterson

Jury still out as another week closes

Plenty of movement this week but markets are still going nowhere in a hurry as traders remain uncertain on future trends.

GBPUSD held 2018 lows around 1.3050 and has rallied a little to post 1.3130 and heading higher right now on better than expected final UK Q1 GDP data just released. Immediate support/buying now at 1.3150,1.3120, 1.3100 and 1.3075-80.Sellers around 1.3180, 1.3200, 1.3230 and 1.3250. Keep selling the rallies with Brexit and UK government turmoil also never far from the headlines. Some caution advised down here for the moment though given that we've now travelled a long way from the 1.4377 April highs and 1.3000 remains a decent line in the sand.

EURGBP has rallied further to post 0.8892 (GBPUSD down to 1.1246) with the usual Bundesbank month-end demand to pay for the UK's EU contributions playing out, as I've been once again highlighting. Retreating this morning though as I type on that stronger final UK Q1 GDP data with buyers poised now at 0.8830 then 0.8800 and 0.8785 still.Sellers around 0.8880 then 0.8900 and 0.8920

EURUSD held 1.1530 where I've been warning of buy interest and has rallied well to post 1.1665 in Asia albeit lower again now. Buyers now around 1.1600 then 1.1580 and 1.1550. Sellers initially around 1.1670 then 1.1700 and 1.1730.

USDJPY finally broke up through 110.50 but then failed at the next decent sell between 110.80-00. Buyers now lurking down around 110.50,110.30 and 110.00. Sellers around 110.80 still then 111.00. USDCHF has also retreated amid some general US$ supply  with EURCHF steady and EURUSD rallying overall.

The Aussie, NZ and Canadian $ have all found a few buyers again on. AUDUSD has bids around 0.7350 and 0.7330 still. Sellers now around 0.7420 and 0.7450. USDCAD buyers at 1.3200 then 1.3180. Sellers around 1.3250 then 1.3280.

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

England's footballers lost to Belgium last night who will now play Brazil in the next phase. England get Colombia. The business end of this World Cup now begins. Bring it om!

Have a great week-end out there one and all.

Interbank Rate 09.10 BST GBPUSD   1.3112 EURUSD   1.1616 EURGBP   0.8859 GBPEUR   1.1287 USDJPY   110.66 USDCAD   1.3222 USDCHF   0.9952 GBPAUD   1.7748 GBPCAD   1.7332 GBPCHF   1.3047 GBPZAR   18.0160 GBPHKD   10.16571287 EURHKD   9.0066


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