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  • Mike Paterson

Pound finds a few buyers after Friday's fallout

As another week unfolds we're seeing some GBP demand again after further losses on Friday amid the Salzburg aftermath while the US$ makes its mind up with the latest US Fed FOMC interest rate decision on Wednesday.

GBPUSD fell to test decent support lines/demand at 1.3050 and we've been back up to 1.3125 this morning as buyers stick their toes in the water again.Sellers now poised around the 1.3130 pivotal area (with some large option expiry interest also in play there today) then 1.3150, 1.3180,1.3200 and 1.3220. Topside line in the sand still between 1.3280-1.3300.Immediate demand at 1.3100 then 1.3080 and 1.3050 still then more into 1.3020 and larger at 1.3000. I remain a GBP rally seller.

EURGBP has been back up to look at 0.9000 (GBPEUR down to 1.1110) before retreating on this morning's GBP demand. Sellers now poised between around 0.8985, 0.9000 still then 0.9030 and 0.9050.Buyers lurking into 0.8950 then 0.8930 and 0.8900

EURUSD failed around 1.1800 as I warned on Friday and has fallen back to post 1.1725 this morning before finding dip buyers of its own helped by some fresh EURJPY demand but sellers prevailing around 1.1800 for the moment. Decent line in the sand now building at 1.1720 again then more at 1.1700 where large option expiry interest lurks today then 1.1680 and 1.1660. Sellers poised around 1.1780 then 1.1800 still, 1.1830 and 1.1850.

USDJPY continues to find dip demand helped by some general Yen selling again and has now rallied to post 112.65 highs this morning.Sell interest at 112.80 and 113.00 still ahead of barrier option defence at 113.50 and 114.00. Bids(large option expiry interest too) and 111.80 still. USDCHF has run of steam above 0.9600 but has found some fresh dip demand of it own with the Franc also finding a few sellers in a more risk-positive start to the week. Bids at 0.9530 and 0.9500. Sell interest still into 0.9630. EURCHF continues to cap around 1.1320 but has bids at 1.1250 and then larger at 1.1220 still.

AUDUSD failed around 0.7300 on Friday gapped lower in early Asian trading to test 0.7250 before finding a few buyers.Sellers now around 0.7280 then 0.7300 and 0.7320 still with immediate demand building into 0.7250 then 0.7220 and 0.7200 still. USDCAD is making its mind up still with NAFTA shadows still lurking but has found some dip demand  at 1.2900 with the buyers at 1.2880 holding Friday's falls. Sellers now around  1.2950 then more lining up around the pivotal 1.2980 area and 1.3000

Fickle Forex markets ever prevailing, so get your orders in to take full advantage of these moves.

The mighty Shrimpers of Southend United returned to the hallowed Hall on Saturday and bagged a much-needed win while Tiger showed that he can still win a golf tournament as a little reminder with the Ryder Cup imminent. Bring it on!

Have a good week out there one and all.

Interbank Rate 09.05 BST GBPUSD   1.3109 EURUSD   1.1752 EURGBP   0.8965 GBPEUR   1.1154 USDJPY   112.59 USDCAD   1.2935 USDCHF   0.9597 GBPAUD   1.8028 GBPCAD   1.6960 GBPCHF   1.2584 GBPZAR   18.7688 GBPHKD   10.1634 EURHKD   9.1119


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