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  • Mike Paterson

More of the same as another week closes

Friday 17 August 2018

Lots of up 'n' down again but ultimately we're still going sideways as markets continue to second-guess.

GBPUSD found itself tightly bound between 1.2700-30 until just into the option expiry time where some general US$ selling and EURGBP stuck at it's own interest point of 0.8950 saw the pair post 1.2754 in a rush only to retreat once again. We've had another test of 1.2750 this morning only to drop back and test 1.2700 again. Yesterday's UK upbeat July retail sales data lent some support but World Cups only come round every 4 years...

Immediate support/buying interest now around 1.2700 again then larger into 1.2680 and 1.2650 still.Sellers now poised around 1.2730 again then 1.2750 with larger between 1.2780-00 and 1.2830. Keep selling the rallies but continue to be aware of ongoing dip demand given the extensive recent falls.

EURGBP posted highs of 0.8962 (GBPEUR down to 1.1158) helped by that large option expiry interest 0.8950 that I highlighted. Sellers still poised between 0.8980-0.9000. Some buyers still around 0.8930 then larger into 0.8900 and between 0.8870-80 still.

EURUSD has found a few buyers again and posted 1.1409 in rush only to fall again to test 1.1350. Sellers still into 1.1430 and 1.1450 where large option contract interest rolls off today then 1.1480-1.1500 will help cap further rallies if we get anywhere close.Buyers immediately around 1.1400 also with large option interest there too then more into 1.1370 and 1.1350 still.

USDJPY continues to range trade too.Sellers poised around 111.00 again then 111.30 and 111.50 still. USDCHF remains underpinned above 0.9900 with the SNB never too far away and that is still filtering through to EURCHF which has rallied further to post 1.1363 amid the general Euro demand.Sellers remain poised on both though but we can continue to expect dip demand as I said yesterday.

AUDUSD has held 0.7250 and now looking to rally through 0.7280 where a few sellers have been waiting. Buyers still at 0.7250 then 0.7230 and 0.7200. Immediate sell interest now into 0.7300 then 0.7320 still. USDCAD has paused for breath again and continues to range. Sellers now into 1.3180-00 with buyers poised around 1.3130 and 1.3100 still.

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

The mighty Shrimpers of Southend United return back to the hallowed Hall tomorrow hoping to turn some encouraging recent form into the season's first win. Bring it on!

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

Interbank Rate 08.45 BST GBPUSD   1.2721 EURUSD   1.1390 EURGBP   0.8953 GBPEUR   1.1168 USDJPY   110.74 USDCAD   1.3141 USDCHF   0.9960 GBPAUD   1.7492 GBPCAD   1.6715 GBPCHF   1.2668 GBPZAR   18.6753 GBPHKD   9.8626 EURHKD   8.8311


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