Jury still out as markets re-open
Tuesday 23 April 2019
Ranges were tight going into the Easter break and so far we're seeing little of note as traders return.
GBPUSD has looked at 1.2975-80 again which has held once more but similarly failed to break back above 1.3000. Cross party Brexit talks resume now but with little evidence of any progress to be made and with May still fighting her own party too the jury is still out as to which way the cards will fall.EURGBP has also been tightly bound but remains underpinned with month-end Euro demand on the horizon again.
I remain GBP bearish overall and continue to rally-sell as my preferred strategy amid the Brexit debacles. Plenty more to come in the weeks ahead and the algos will continue to feed off the headlines. No change to this paragraph any time soon.
EURUSD held the 1.1225 support but similarly can't get back above 1.1280 while USDJPY still looks underpinned into 111.65 which has held again but rally sellers equally poised around 112.00 as we've been seeing yet again. USDCHF remains underpinned as EURCHF continues to find dip support with the SNB ever-watchful and now posting highs not seen since November.
AUDUSD has duly retreated to test 0.7100 despite some more US-China trade talk optimism as markets still look for an RBA rate cut at some point.USDCAD has failed around 1.3380 but finding support into 1.3330.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
Have a good day out there one and all.
Interbank Rate 08.30 BST