Search
  • Mike Paterson

Pound finds a few buyers but still going nowhere in a hurry

Wednesday 25 July 2018

Traders are still waiting for a flash of illumination as range trading continues but after a failure to break lower the Pound is finding a few buyers again.

GBPUSD held the 1.3075-80 support area and has now broken up through initial resistance between 1.3150-60 to post 1.3175 as traders cover a few short positions  . Immediate support/buying interest now around 1.3150 then 1.3130 1.3100 and 1.3075-80 still.Sellers poised around 1.3180 still then 1.3200 and 1.3230 still.Keep selling the rallies but respect the dip demand as I warned yesterday. Still tightly bound in real terms.

EURGBP has drifted down further on the Pound demand to look at the 0.8880 support area (GBPEUR up to 1.1265) but should remain underpinned as we head into the usual month-end buying with the latest ECB interest rate/monetary policy decision today also in the mix. Sellers now poised around 0.8900, 0.8930 and 0.8950 then larger between 0.8980-9000 still. Buyers between 0.8870-80 still, 0.8850 and 0.8830. Keep buying the dips.

EURUSD has understandably been treading water with the ECB looming and with large option contract expiries once again today at 1.1700 and 1.1750.Buyers lined up around 1.1650-60 still then larger at 1.1620 with more into 1.1600 and 1.1580. Sellers poised around 1.1700 then 1.1720 and 1.1750.Not a lot expected from Draghi & Co but we know never to say never to some volatility around the 12.30 GMT press conference nonetheless.

USDJPY is also still tightly bound.Buyers now into 111.00 with more interest still between 110.75-80, 110.50 then 110.30 and 110.00.Sellers still poised around 111.50 with larger interest between 111.80-112.00. USDCHF remains underpinned at 0.9900 but still finding sellers poised on the rallies and in EURCHF too.

AUDUSD has been contained by large option expiry interest today 0.7400. Buyers now at 0.7380 with more still at 0.7350 then 0.7320 and 0.7300 where a barrier option defence is expected. Immediate sell interest at 0.7420 and 0.7450. USDCAD is still trying to make its mind up with sellers still into 1.3200 and 1.3230 with buyers poised at  1.3130 and 1.3100.

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

Have a good day out there one and all.

Interbank Rate 08.25 BST GBPUSD   1.3165 EURUSD   1.1694 EURGBP   0.8880 GBPEUR   1.1260 USDJPY   111.22 USDCAD   1.3147 USDCHF   0.9925 GBPAUD   1.7791 GBPCAD   1.7315 GBPCHF   1.3071 GBPZAR   17.4435 GBPHKD   10.2068 EURHKD   9.0647


1 view0 comments

© 2018 by MSP Currency Services

  • LinkedIn Social Icon
  • Twitter Social Icon
  • Google+ Social Icon